News Desk, News Nation 360 : Leading eastern regional real estate developers shared their New Year expectations. They have also discussed some valuable insights on their future planning for the year ahead and how it will impact the real estate industry in the region.
Arya Sumant, Managing Director, Eden Realty Group shared that the real estate market in the city of joy has not only seen transactions, but it has also woven tales of dreams coming true. Similar to the Howrah Bridge, Kolkata's real estate market has linked opportunities with aspirations to create a skyline that symbolises progress and promise. They anticipate that easy access to housing loans will serve the underserved population and enable them to become homeowners. All things considered, they do anticipate that the government will keep encouraging the real estate industry to contribute to the expansion of the economy as a whole.
Sahil Saharia, CEO, Shristi Infrastructure Development Corporation Ltd. shared that they anticipate that the emphasis on affordable housing will not waver. Affordable housing is a catalyst for social and economic development in addition to enhancing living conditions. The underserved group is anticipated to benefit from easy access to housing loans, which will enable them to become homeowners. All things considered, they do anticipate that the government will keep encouraging the real estate industry to contribute to the expansion of the economy as a whole.
"As a whole, we do expect that the government will continue to give impetus to the real estate sector for an overall growth of the economy." said Arya Sumant, MD of Eden Reality Group and Sahil Saharia, CEO of Shristi Infrastructure Development Corporation Ltd.
Rishi Jain, Managing Director, The Jain Group shared that In 2023, the Indian real estate market—especially in Kolkata—saw an incredible transformation. The industry has demonstrated strong demand despite the difficulties presented by high house loan interest rates, which are supported by notable macroeconomic growth and government-led infrastructure development. Certainly, there are uncertainties in the global economy, but domestic demand and independence have alarmed the doubters and will continue to do so. Known for its thriving IT scene and rich heritage, Kolkata has become a hotspot in this real estate boom. Over the past two years, the airport's surrounding areas—Madhyamgram and Rajarhat, in particular—have continued to draw a lot of attention. This pattern demonstrates the city's increasing attraction as a residential and business centre. Positive trends were also seen in commercial real estate, with major investments in commercial assets like hotels, co-working spaces, and office space, as well as retail leasing reaching all-time highs following the pandemic. Anticipating 2024, the market is experiencing a surge of positivity. In the residential market, He sees a bullish trend, particularly for reputable developers like Jain Group who have a track record of success and accolades from the industry. Recent surveys and reports that point to the industry's continued upward trajectory support this optimism. Because of the high base effect of 2023, He is anticipating that the real estate market will continue to grow, albeit more slowly. However, 2024 might surprise all, and in what way the government's efforts, such as the recent roadshows on investments and emphasis on infrastructure projects, have been crucial in supporting the confidence of the market.
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