The Lok Sabha elections in 2024 may increase housing demand in the nation since the majority of real estate regulatory reforms are in place and the robust GDP growth forecasts for India by the International Monetary Fund (IMF), per ANAROCK India’s research.
According to the data, sales of homes increased dramatically in 2014 and 2019, the years of elections.
Sales in the top seven cities increased to almost 3.45 lakh units in 2014, while new launches reached an all-time high of almost 5.45 lakh units. Similarly, following a decline in the residential real estate market between 2016 and 2019, house sales surged to over 2.61 lakh units in 2019 while new launches grew to almost 2.37 lakh units.
Significant structural changes, such as the 2016 introduction of the Real Estate Regulatory Act (RERA), stimulated the real estate market and provided the required regulatory safeguards to improve the confidence of homebuyers.
