Housing Sales Across Top 7 Cities Expected to Witness Double-Digit Growth in 2024-2025

The Indian real estate market is on the brink of a significant upswing, with housing sales across the top seven cities projected to witness double-digit growth in 2024-2025. This forecast is not just a beacon of optimism for the industry but also a clear indication of the sector’s resilience and the increasing confidence among homebuyers.

At Utkal Builders, we are witnessing this positive trend firsthand, as demand for quality housing continues to surge. Several factors are driving this anticipated growth, and it’s essential to understand these dynamics to appreciate the opportunities that lie ahead.

Economic Stability and Growth

India’s steady economic growth is one of the primary catalysts for this expected surge in housing sales. The robust GDP growth, coupled with favorable government policies, has bolstered consumer confidence. The middle class, which forms the backbone of the housing market, is seeing increased disposable incomes, leading to a higher propensity to invest in real estate.

Moreover, the government’s focus on infrastructure development, particularly in urban areas, is making cities more livable and attractive to potential homeowners. Initiatives like smart cities, improved connectivity, and better public amenities are turning urban centers into hubs of opportunity, driving demand for housing.

Favorable Interest Rates

The Reserve Bank of India’s (RBI) stance on keeping interest rates low is another significant factor contributing to the expected growth. Lower home loan interest rates make housing more affordable, encouraging more people to buy homes. This is particularly relevant in the top seven cities, where property prices are higher, and any reduction in financing costs can significantly impact affordability.

Urbanization and Migration

Urbanization continues to be a strong driver of housing demand in India. As more people migrate to cities in search of better job opportunities and a higher standard of living, the demand for housing naturally rises. The top seven cities—Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai, and Kolkata—are at the forefront of this migration trend. These cities are not just economic powerhouses but also cultural and educational centers, attracting a diverse population.

The Rise of Organized Real Estate Players

The real estate sector in India is witnessing a shift towards organized, credible players like Utkal Builders. With the implementation of RERA and other regulatory measures, transparency and accountability in the sector have improved significantly. Homebuyers are increasingly leaning towards established developers who can offer quality construction, timely delivery, and adherence to regulatory norms. This shift is expected to fuel further growth in housing sales, as consumers prioritize trust and reliability in their homebuying decisions.

Technological Advancements and Innovation

Technology is playing a transformative role in the real estate sector. From virtual property tours to online booking platforms, the homebuying process has become more accessible and convenient. At Utkal Builders, we have embraced these technological advancements, ensuring that our customers can explore, select, and purchase their dream homes with ease. The adoption of PropTech is likely to further boost housing sales, especially among tech-savvy millennials who prefer a seamless, digital-first experience.

Conclusion

The Indian real estate market is poised for significant growth in the coming years, with housing sales in the top seven cities expected to witness a remarkable double-digit increase. At Utkal Builders, we are excited about the opportunities this growth presents and remain committed to delivering high-quality, sustainable housing solutions that cater to the evolving needs of our customers.

As we look ahead to 2024-2025, we are confident that the real estate sector will continue to thrive, driven by economic stability, favorable interest rates, urbanization, and the rise of organized players. The future of housing in India is bright, and Utkal Builders is proud to be at the forefront of this transformation.

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Mr. Rakesh Bhura

Director

Mr Rakesh Bhura holds the MBA degree from the Leeds University,UK. The youngest and the most dynamic among the directors he plays an important role in planning and execution at the site. He is actively involved in site execution,purchases & manpower management. He has his own innovative approach towards the projects and all his endeavours have been successful. Mr Bhura is the young promising face of Utkal Builders.

Mr. Prakash Bhura

Director

Anchors the sourcing function at Utkal. He is credited with deriving the best value from our sourcing partners – contractors and vendors of material inputs. Recently, he has taken additional responsibility of the marketing function. However, complicated and large his tasks, his energy and positive attitude make them all possible! And somewhere in the middle, he also finds time to pursue sports and instruct his disciples on yoga.

Mr. Sandeep Baid

Director

Is an MBA from University of Strathclyde, Scotland, specializing in marketing and is currently gaining exposure of the unique customer nuances of the varied markets. he is also involved in streamlining the finances of the group.

Mr. Bhanwarlal Baid

Director

Patriarch of the family & Chairman of the Group endorses chosen principles and values which Utkal follows. With his distinguished business and social credentials, he has led and safe-guarded the treasured Utkal culture. A born entrepreneur, he initiated with humble beginnings. But his zeal, sheer grit and robust ethics steered him through the times to continuing trust and success. Of course, after four decades of a distinguished business career and leadership of a diversified business group, his enthusiasm remains fresh as ever.

Mr. Amit Baid

Director

Is an MBA from prestigious IMT, Ghaziabad specialising in Finance and a CFA from ICFAI. He is driving innovation and technology in the group’s operations. He is also actively involved in the group’s marketing plans.

Mr. Sharad Baid

Managing Director

Mr. Sharad Baid is the Managing Director of Utkal Builders & has earned his Masters in Business administration from Bond University, Australia. He specialises in Finance and Information systems.By spearheading new initiatives in Utkal Builders, Mr. Baid has enhanced the framework for strategic planning and project development. In addition, he plays a crucial role in the corporate branding & project marketing of the Group.

Mr. Subhash Bhura

Director

The visionary with a mission and an opportunity – guru, his insights are the engines of innovation and new businesses. His passion for opportunities is only matched with his perseverance to bring them to life. He has been the torch-bearer and the agent of evolution at the group. He has also served as the president of CREDAI, Odisha (2010-11).