The construction and #realestate sectors in India have shown robust growth, registering a remarkable 12%, with the potential to reach up to 15%. However, this growth could have been even more substantial if it weren’t for the elevated interest rates. The high interest rates have constrained demand in the affordable housing segment, a critical component of the housing demand pyramid. The Compound Annual Growth Rate (CAGR) for India’s real estate sector is estimated to be in the range of 12% to 15% for the fiscal year 2024. Notably, this growth trend has been observed cumulatively in urban areas as well as in tier 2 and 3 cities. This phenomenon has had a significant impact on infrastructure development, triggering a multiplier effect that reverberates across the country and opens up new opportunities in the realty market. India’s quarterly GDP growth outpaces that of many other economies, and both the government and the Reserve Bank of India (RBI) remain confident in their GDP growth forecast of 6.5% for FY24. In the April to June quarter, the gross domestic product expanded by an impressive 7.8% on an annual basis, marking an acceleration from the 6.1% growth observed in the previous March quarter. This growth rate also represents the highest reading since the same period in 2022 when growth reached 13.1%.
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