Realty sector registers strong growth with uptick in demand

With a significant reduction in inventory, realty players are actively seeking new projects across all major cities to expand their portfolio and meet the demand for housing, and to provide attractive purchasing opportunities for homebuyers. - Aman Sarin, Director & CEO, Anant Raj tells Bizz Buzz

Mumbai: The Indian real estate sector has registered strong growth with a massive uptick in the demand.

Taking to Bizz Buzz, Aman Sarin, Director & Chief Executive Officer, Anant Raj, says, “After facing a wave of challenges following the Covid-19 pandemic, India's real estate sector has registered strong growth with a massive uptick in the demand. Factors driving the boom include urbanisation, middle-class expansion, and infrastructure development. Foreign investments and government support contribute to the positive market outlook.”

Due to such factors coupled with a significant reduction in inventory, realty players are actively seeking new projects across all major cities to expand their portfolio and meet the demand for housing, and to provide attractive purchasing opportunities for homebuyers.

He was commenting on an Anarock data, which indicates that various developers and entities sealed 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country. In contrast, FY23 saw 88 land deals for nearly 1,886 acres closed across various cities.

“At Anant Raj, our prime focus is to expand our existing township at Sector 63A, Gurugram and in which we keep adding multiple land parcels including recent additions”, said Sarin, explaining about his company’s expansion plans.

The company got new approvals on such acquired land parcel and working towards launch of new phases of our existing residential development on Golf Course Extension Road, the location stands out as one of the most premier spots in Gurugram, boasting superb connectivity to the city's business districts as well as to other cities within the National Capital Region (NCR).

Sunil Dewali, Co-CEO of Andromeda Sales and Distribution, parent company of Andromeda Realty Advisors, says, “Land transactions are occurring as developers are optimistic regarding the growth potential in the housing sector. There is a substantial demand for new projects equipped with modern amenities, and homebuyers are demonstrating a willingness to pay a premium for such offerings, attributed to enhanced affordability and the positive economic outlook.”

Also, developers are confident in the sales prospects and are swiftly finalizing land transactions to pave the way for the development of new projects, he added.