Chennai: Similar to the last two general election years, in 2024 as well property sales are expected to touch a new peak.
In the election years of 2014 and 2019, housing sales created new peaks. In 2014, sales in the top 7 cities scaled up to around 3.45 lakh units while new launches were the highest ever at nearly 5.45 lakh units, according to Anarock Group.
Likewise, after a lull in the residential real estate market since 2016 due to demonetisation, and the introduction of RERA and GST, housing sales scaled up to around 2.61 lakh units in 2019 while new launches increased to around 2.37 lakh units.
"As things stand now, all signs currently favour the residential market in 2024, and the year can well create another peak in housing sales and new launches," said Anuj Puri, Chairman, of Anarock Group. "Housing demand continues to be upbeat across cities after the announcement of the election dates, with homebuyers remaining highly optimistic about the real estate market," he said.
Property sales had witnessed record sales of around 4,76,530 units sold in 2023 in the top 7 cities, against 3,64,870 units in 2022, registering a 31 per cent yearly rise. Election year of 2024 is expected to witness sales touching a new high.
According to the industry, most real estate regulatory reforms and norms are already in place, and the worst of the shake-up is behind us. Inflation is currently well under control, bolstering financial optimism and confidence among homebuyers.
Further, developers have closed substantial land deals in the last year, and most of their balance sheets are clean. Many large developers with good track records and solid balance sheets are venturing into new territories to increase their presence.
