In this week's edition of Open House, I share my thoughts on Ayodhya's real estate boom. To read the full editions in your inbox every Wednesday, subscribe for free?on my website (https://ashwinderrsingh.com/).
As the Indian stock market reached it's all-time high on both the BSE Sensex and Nifty50, bullish sentiment dominated many facets of news. Here are my top 5 reads from the last week of 2023:
- 2024 trends: Mumbai, Pune, and Hyderabad are set to drive India's residential real estate growth in 2024, per Housing.com. The market outlook is positive, with rising demand for larger homes and luxury apartments. Despite challenges, buyer confidence is high, and growth is expected not just in metros but also in Tier-2 cities, with significant rental market growth anticipated. Gated communities are becoming increasingly popular among homebuyers preferring new developments over resale properties. (Read more)
- Growing lux: The Mumbai luxury real estate market has seen growth in 2023, with a notable increase in sales of ?3-7 crore homes, comprising 30-35% of property registrations. Revenue from registrations rose significantly, and developers expect this trend to continue into 2024, driven by upgrades to larger apartments and improving economic factors. (Read more)
- The buzz: The World Realty Congress in Dubai showcased the latest in real estate, focusing on AI, sustainability, and regulatory compliance. It drew over 500 attendees from 10 countries, and included masterclasses and awards, highlighting industry innovation and excellence, with a promise to continue redefining the sector in its future editions. (Read more)
- Economic boost: Fitch Ratings predicts a margin boost for Indian corporates in FY25 due to rising demand and easing input costs. Despite global challenges and recent monetary tightening, India is expected to see resilient 6.5% GDP growth, driven by strong sectors like cement, electricity, and petroleum, with improved infrastructure boosting steel demand. However, slowing US and Eurozone growth may moderate IT services growth, offset by easing wage pressures enhancing profitability. Rising domestic auto sales and improved travel conditions also contribute positively. (Read more)
- Not a ‘doom’er: Yann LeCun, Meta's chief AI scientist, dismisses dire AI predictions, advocating for open-source AI and its benefits over corporate control. While acknowledging challenges, he emphasizes AI's potential for progress and safety, advocating for an approach where AI's development is shared and regulated sensibly, ensuring it serves global needs. (Read more)
