House prices are likely to rise further in the coming days, however, despite the rise in prices, sales will remain strong and there will be no impact on sales. The Knight Frank India-NAREDCO Real Estate Sentiment Index has been released for the third quarter of July-September 2024, which states that the growth of the real estate sector will remain strong for the next six months.
Improvement in future sentiment score
The Knight Frank India-NAREDCO Real Estate Sentiment Index released for the third quarter of 2024 July to september (Knight Frank-NAREDCO Real Estate Sentiment Index Q3 2024) has expressed hope of continued growth in the real estate sector. However, the sentiment score for the third quarter has come down to 64 from 65 in the second quarter. But the future sentiment score has increased to 67, which is indicating a strong boom in the real estate sector.
Residential prices will increase
While talking to supply-side stakeholders and financial institutions about the real estate sector in the Knight Frank India-NAREDCO Real Estate Sentiment Index, 62 percent of the people said that residential prices can see a jump. Especially due to high demand for houses priced more than 1 crore, prices can increase. 40 percent of the survey participants believe that sales will increase while 38 percent believe that the real estate market will remain stable. 42 percent of the survey participants said that there will be an improvement in residential launches while 36 percent believe that it will remain stable.
Sector strong despite global uncertainties
Shishir Baijal, MD, Knight Frank India, said, the Real Estate Sentiment Index for the third quarter of 2024 is highlighting the strength of India's real estate sector. He said, strength in high-end residential sales and stable leasing in commercial space point to better performance of the sector. hari Babu, President, NAREDCO said, India's real estate sector remains strong despite global uncertainties.
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