buy a house There is good news for home buyers preparing for… According to the report of property research firm Enrock, the demand for property will remain in 2025 but the price will not see the same rise as in 2024. According to the data released from Enrock, the sales of houses have decreased by 6% in the last quarter as compared to last year, which has come down from 65,625 to 61,900. While the supply of units increased by 44% from 36,735 in 2023 to 53,000 in 2024. The report also said that the average property price in 2023 was around Rs 5,800 per square foot which will reach Rs 7,560 per square foot by the end of 2024. Therefore, Enrock’s market experts say that the ongoing rise in property prices in 2024 will not be seen in 2025! Other reasons for this could be the continuous rise in prices, rising cost of construction and stability of interest rates over a long period of time.
Real estate market runs on demand and supply
According to Dinesh Gupta, Secretary, CREDAI Western UP, “The real estate market runs on the cycle of demand and supply. This trend of ups and downs and stability is nothing new for the sector. It often happens that when there is a continuous rise in property rates, then after some time both the buyer and the builder adopt a wait and watch policy so that there is some stability in the market and accordingly they decide their next step. Avneesh Mishra, CEO of Renox Group, believes that the demand for new projects will remain in 2025 as their rates will remain controlled compared to ready-to-move-in projects, offering good and flexible offers so that home buyers are not burdened with the double burden of rent and EMI. People would like to buy a home in a project with a new location and concept, away from big societies and outdated locations.”
No shortage of demand for good developers
Avnish Sood, Director, Eros Group, said that there is no dearth of demand for good real estate developers in the market as their track record is getting better than before. The market has always been positive for such promoters as they believe in the stability of property rates which helps in keeping the market stable. According to Himanshu Garg, Director of RG Group, “Due to positive and supportive policies, old projects have started running, registration has started and new towers and phases are being launched by the promoter. Due to this, the supply is sure to increase and in comparison the demand has also increased and this is a good sign which keeps the prices under control.
Connectivity increased due to operation of rapid rail
According to Pankaj Kumar Jain, Director of KW Group, “Ghaziabad is going to emerge as the choice of home buyers in 2025. “With increased connectivity due to the operation of Rapid Rail and creation of new housing destinations, we are optimistic that property costs in Ghaziabad will remain stable compared to other areas and demand will increase.” In the report of property market research firm Proptiger, the NCR figures regarding demand are also shocking because during the last quarter of 2024, sales in NCR increased from 6,528 units in the same period last year to 9,808 units, which shows an increase of almost 50%. .
Latest Business News