After dabbling with artificial intelligence (AI), the Indian real estate sector is now shifting its focus to the metaverse. If the concept of metaverse successfully takes off, industry experts believe that the online homebuying process will undergo a revolution.
Industry reports project that the Mopa airport will attract investments of Rs 2,700 crore by 2030, focusing primarily on the development of luxury and eco hotels, nature and wellness resorts, and homestays. This influx of investment is set to diversify the region’s tourism and real estate landscape significantly.
The inauguration of the new International Airport at Mopa, Goa also led to an increase in tourism, thus impacting the demand for vacation rental homes, hotels, and stay options in Goa. Capital values in surrounding areas have thus doubled in the last three years.
The household sector plays a major role in the Indian economy by serving as a primary source of financial resources through savings, contributing a substantial 70% to the total gross domestic savings.
Retail investors, particularly the younger demographic, now have various avenues to invest in real estate without depleting their financial resources, enabling them to earn passive income at an early stage.
The real estate sector in India has experienced remarkable growth in 2023 and industry experts anticipate the homebuying sentiment witnessed in 2023 to persist in 2024 also.
The residential sector exhibits substantial growth potential, underscored by sustained demand over the past few years, complemented by consistently stable interest rates and robust GDP expansion. Notably, there is a pronounced demand for mid- and high-priced residential properties.
Driven by economic stability, policy reforms, and changing consumer dynamics, India’s real estate sector has registered strong growth with a massive uptick in demand in 2023.
The already high demand for second homes in Goa is growing even more. Especially in the luxury segment the demand for homes ranging from Rs 1 crore to Rs 3 crore price band has been on the rise.
For the first time in India, sales of high-end homes priced above Rs 1 crore have surpassed demand in the affordable segment, priced below Rs 50 lakh, according to a report by real estate consultancy Knight Frank.