Will House Prices Rise Even Further In India After 2024 Lok Sabha Elections?

The bull run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time decadal high with approx. 1,30,170 units sold in Q1 2024 across the top 7 cities, reveals latest ANAROCK data. This is a 14% yearly rise against approx. 1,13,775 units sold back in Q1 2023. Meanwhile, another ANAROCK Group report has examined the correlation between general elections and the housing market, highlighting trends from 2014 and 2019. In 2014, approximately 3.45 lakh units were sold, with 5.45 lakh new units launched across the top 7 cities. Similarly, in 2019, despite a sector slowdown post-2015, around 2.61 lakh units were sold, with 2.37 lakh new units launched. The decisive election results in both years boosted homebuyer sentiment. With favourable factors like key real estate regulations, strong GDP growth predictions, controlled inflation, and high homebuyer optimism, all signs point towards another peak in 2024. Meanwhile, JLL Research has also echoed the bullish sentiment for the real estate sector. The luxury real estate market witnessed a remarkable surge in sales value in 2023, worth Rs 4,319 crore for homes priced at Rs 50 crore and above, a 1.5 times increase compared to 2022. With at least 45 luxury homes sold, comprising 58% apartments and 42% bungalows, Mumbai emerged as a leader with 29 transactions valued at Rs 3,031 crore. Delhi NCR and Bengaluru also saw significant transactions, reflecting the strong demand for distinctive living experiences among affluent buyers. Will Housing Create Another Peak This Election Year? Watch Siddharth Zarabi, Managing Editor, Business Today TV in conversation with Anuj Puri, Chairman, ANAROCK, Dr. Samantak Das, Chief Economist and Head Research & REIS, India, JLL, Gulam Zia, Senior Executive Director, Knight Frank India and Amit Goyal, MD, India Sotheby's International Realty.