Trends and Challenges in India's Real Estate Landscape of 2023 by Rohit Gera, Managing Director, Gera Developments

VMPL
Pune (Maharashtra) [India], December 29: Reflecting on the performance of the real estate sector in the year 2023, Rohit Gera, Managing Director, Gera Developments, Let's Outdo, shared his views, "Following a stellar 2023 fueled by affordability and a preference for larger homes, India's residential real estate market shows continued promise for 2024. However, pockets of vulnerability emerge from potential price hikes and oversupply in specific markets.
The current boom rests on a foundation of increased affordability. Years of stagnant prices coupled with rising salaries have empowered buyers, leading to a surge in demand, particularly for larger apartments. This trend is further amplified by government initiatives like PMAY, aimed at bolstering the housing sector for low-income individuals.
While 2024's outlook remains upbeat, several factors could pose challenges. The RBI's interest rate hikes to combat inflation may lead to higher home loan rates, potentially dampening demand. Additionally, rapid growth in the sector could lead to oversupply in smaller towns, putting downward pressure on prices.
For homebuyers navigating this dynamic market, prioritizing reputed developers with strong track records is crucial. Choosing markets with robust job creation ensures potential price appreciation due to increased housing demand. Good civic and social infrastructure, often a product of government investment, is another key factor to consider for a desirable quality of life. Finally, remember that real estate is a long-term game; don't chase quick profits but invest with a long-term perspective.
In conclusion, the Indian residential real estate market is poised for continued growth in 2024, but potential challenges necessitate careful navigation. By prioritizing reputable developers, job-rich markets, good infrastructure, and a long-term investment mindset, homebuyers can position themselves for success in this promising landscape.
Gera, a reputed brand for over 50 years, one of the pioneers of the real estate business in Pune, is recognised as the creator of premium residential and commercial projects in Pune, Goa and Bengaluru and has its global presence through developments in California, USA.
Gera prides itself on providing long-term enjoyment to customers by having a distinct 'customer-first approach. The philosophy of Gera is "Let's Outdo," which rests on the trinity of innovation, transparency, and enhancing customer experience. It is at the heart of Gera's effort to infuse innovation and transparency in real estate and home building, with an unwavering focus on meeting the shifting lifestyle dynamics of their customers while upholding the premium living experience. Accordingly, there are many 'firsts' that stand to Gera's credit.
The company introduced a 5-Year Warranty on Real Estate consisting of Preventive Maintenance and Repairs and provision of Insurance for buildings way back in 2004 for the first time in India. RERA mandated the same only in 2017. And GDPL has now introduced India's first & only 7-year warranty in real estate. It has designed and launched the pathbreaking concept, the award-winning ChildCentric® Homes, which has revolutionised the real estate sector for both the developer and the home buyer. Other revolutionary and highly successful product lines have been IntelliplexesTM, SkyVillasTM, and The Imperium series. In its 50th Year, the company has launched yet another first-of-its-kind industry initiative - Gera's Home Equity Power by providing financial flexibility to customers to withdraw funds from their prior payments to meet financial emergencies.
These products are matched by the services of the GeraWorld® Mobile App, which brings speed, convenience, and transparency to the buyer and enhances the customer experience. Gera has also recently launched the Club Outdo initiative, a tech-driven loyalty and referral program that provides multiple benefits, offers, and community engagement opportunities to existing and new customers.
The company emphasises delivering value-added customer experiences and is driven by trust, quality, customer first, and innovation. The projects are designed around the evolving needs of their customers. The company has won several national and international awards on both the product and service front. GDPL also continues to be certified as 'India's Great Mid-Size Workplaces' by the Great Places to Work (GPTW) Institute for the sixth straight year in a row. GDPL has also ranked #18 on the list of Best Small and Medium Companies to Work for in Asia in 2021.
Gera envisions bringing out the best of real estate in India. As it redefines new standards of service orientation, product innovation, real estate marketing, and brand building, it is consistently generating fresh value for its stakeholders and raising the bar for the industry.
Please visit www.gera.in for more information
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