The sector has not only expanded its market share and sales but has also witnessed the emergence of new markets in Tier-II cities.
In 2023, the real estate sector witnessed significant developments and is likely to be sustained in the year 2024 as well. The sector has not only expanded its market share and sales but has also witnessed the emergence of new markets in Tier-II cities. Bengaluru, also popularly known as the ‘Silicon Valley of India’, possesses an array of factors for the consistent growth of the real estate market. The IT hub has also emerged as one of the most popular investment opportunities for Non-Resident Indians (NRIs).
Karnataka’s capital is also expected to emerge as the top office space supply by the year 2025 accounting for around 29 percent of the total supply of 165 million square feet in the country. Darshan Govindaraju, Director at Vaishnavi Group said that the IT capital continues to attract new companies to tap into the world-class talent to the thriving startup ecosystem driving demand for commercial spaces.
“The expansion of co-working spaces and emerging subsegments of residential real estate will contribute to the growth of the Bengaluru real estate market. We are quite optimistic about the upcoming year and are making significant strides in capitalizing on the opportunities,” he said. Govindaraju further added, “As a customer-focused developer, we have already invested in developing millions of square feet of commercial and residential projects for the coming year, in a testament to our belief in the rapid growth of the sector.”
Navin Dhanuka, CEO and MD, of ArisUnitern RE Solutions said that the real estate sector is undergoing expansive growth in the realms of office spaces, flexible workspaces, retail, or residential properties. “An increased emphasis on quality over quantity has set a new standard, empowering developers to scale up their projects to meet the escalating expectations. 2024 certainly holds the promise of unlocking new possibilities for the sector,” Dhanuka added.