Year 2023 is quite likely to close with approximately USD 5.0 bn (INR 411 bn) of inflows recorded.



As the year 2023 comes to an end and all are eagerly awaiting the beginning of year 2024, India Inc. is reviewing milestones reached and how these will help us leap to greater heights in the coming year. Industry captains from all corners are constantly sharing their outlooks with Team Estrade. 

Cushman & Wakefield released a Year-end Round-up, Outlook 2024 report for Indian real estate sector; please find attached the same for your perusal. The key highlights of the report are as follows:

“Year 2023 is quite likely to close with approximately USD 5.0 bn (INR 411 bn) of inflows recorded” – Cushman & Wakefield

Overall industrial & logistics leasing is likely to cross 50 msf in 2024 driven by domestic private consumption growth and increased manufacturing activity.
  • Economy: For the first three quarters of the current year, India’s real GDP growth figures stood at 6.4%, 7.8% and 7.6%, respectively. With September quarter GDP print coming above market’s expectations, India’s RBI confidently raised FY2023-24 growth forecast to 7.0% from 6.5% estimated earlier.
  • Office Overview: Gross lease volume for 2023 is likely to hit close to 64 msf, closer to the pre-pandemic peak of 2019 (68 msf), although lower than the historic high volumes seen in 2022 (72 msf). Driven by healthy fresh demand and pre-leased supply coming-in, net absorption is likely to come close to 2022 levels at 32-34 msf by end-2023.
  • Retail: Year 2023 to witness highest influx of Grade-A malls in recent period history (since 2016) at 5 msf. 2024 is likely to surpass 2023 with near-about 8 msf of Grade-A malls slated for completion
  • Residential: Housing market witnessed yet another year of solid growth; new launches in 2023 is likely to hit close to 300,000 units, thereby surpassing the previous high seen in 2022. In 2024, with interest rates expected to come down from second quarter onwards, broad-based demand recovery is likely as mid-segment and affordable homebuyers start benefiting.
  • Industrial: The annual leasing activity for warehousing and industrial in 2023 is expected to close at 45-47 million square feet (msf), considering the increased momentum seen in H2 2023. Overall industrial & logistics leasing is likely to cross 50 msf in 2024 driven by domestic private consumption growth and increased manufacturing activity.
  • Data Centre: Total colocation capacity (IT Load) across the top 7 cities likely to reach 884 MW in 2023, a 35% growth yoy as compared to 2022. In 2024, the colo capacity addition is estimated to be even higher than 2023 at 265 MW, thereby taking the total installed capacity in the country to ~1.15 GW (IT load) by year-end. Mumbai and Chennai will continue to lead new capacity additions.
  • Investments: As of YTD (Q3) 2023, close to USD 3.7 bn (or INR 305 bn) worth of private equity inflows have been deployed in the real estate space across top-8 cities. Year 2023 is quite likely to close with approximately USD 5.0 bn (INR 411 bn) of inflows recorded, somewhat similar to average levels seen over last three years. Year 2024 will see maiden InvITs focused on L&I segment.

At the back of this Cushman & Wakefield report, the Real Estate Industry leaders have also summed up the happenings of 2023 for the sector and are looking up to a brighter future in 2024. Following are their views for the industry, as shared with Team Estrade.

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI MCHI

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Treasurer, CREDAI MCHI

Sector Performance in 2023

The year 2023 has emerged as a transformative period for India’s real estate sector, witnessing an unparalleled surge in growth. At the heart of this boom lies a confluence of factors, ranging from the increasing affluence of the middle class to a surge in aspirational desires among consumers. However, it is crucial to underscore the pivotal role played by judicious governmental policies and regulations that have acted as catalysts, propelling the industry to new heights.

Robust sales figures have become the hallmark of this year, complemented by a slew of new and improved property launches. One of the defining features of this extraordinary growth trajectory has been the allure of homeownership. The realization of escaping the intricate web of perennial rentals has dawned upon many. This seismic shift in mindset has been further accentuated by the allure of stable home loan costs and innovative payment plans offered by developers, making property acquisition an attractive proposition.

Outlook for 2024

In a dynamic era of technological advancements and evolving consumer preferences, the real estate sector stands on the cusp of transformation, propelled by a demand for more than just opulence. Luxury, it seems, has found a new companion in the form of “smart homes,” and a green revolution is sweeping through the residential landscape as sustainability takes centre stage. The advent of cutting-edge technologies has redefined the expectations of modern homeowners. The equipped with state-of-the-art automation and connectivity features, has become a defining trend in the real estate market.  Simultaneously, a significant shift towards sustainable living is reshaping the residential architecture – from the materials used in construction to the incorporation of eco-friendly technologies, the emphasis is on reducing the environmental footprint of homes. Homebuyers are driving the demand for sustainable homes that prioritize energy efficiency, waste reduction, and responsible resource utilization.

However, the sector faces challenges – the confluence of higher interest rates and supply-demand dynamics over the last decade has already set in motion an upward trajectory for residential property prices. In this context, the real estate industry looks toward government support as a catalyst for positive change in 2024. The forecast for 2024 envisions a sustained momentum in residential property sales. Prospective homebuyers, driven by a desire for more significant living spaces, enhanced amenities, and attractive pricing models, are poised to keep the market vibrant. Reputed and trusted developers, catering to the mid-income and affordable housing segments, are expected to thrive.



Aakash Patel, Director, Atul Projects India Pvt. Ltd.

Aakash Patel, Director, Atul Projects India Pvt Ltd.

Sector Performance in 2023

In 2023, the property market experienced substantial success, largely attributed to supportive government policies and a growing awareness among home buyers regarding the significance of homeownership. One of the prominent trends observed this year was the notable surge in luxury home sales in comparison to the affordable housing segment. This shift can be attributed to the enhanced affluence among home buyers, resulting in a heightened aspiration for luxurious living experiences. Notably, in Mumbai, there has been a distinct elevation in luxury living standards, with Penthouse living emerging as the latest trend among the affluent strata of society.

Outlook for 2024

Looking forward to 2024, there is a strong expectation that luxury living will reach new heights, especially among the residents of Mumbai. The prevailing trend towards luxury homes and penthouse living is expected to continue, and potentially intensify further, as the city’s elite and well-heeled individuals seek even more opulent and exclusive residential experiences. This anticipated trajectory suggests that 2024 will witness a further evolution and elevation in the standards of luxury living in Mumbai’s real estate market.

Srikanth C, Managing Director, Intercontinental Infrastructure

Srikanth C – Managing Director, Intercontinental Infrastructure

Sector Performance in 2023

In the present year, we’ve noticed a significant trend where regions serving as commercial centres, especially those near major cities, have evolved into significant residential areas. Chakan in Pune is a prime illustration of this shift, well-known as an automobile hub. This locality has not only attracted residents from Pune but also from Mumbai, mainly in search of job opportunities. The increase in people relocating to Chakan for employment has spurred extensive development in the region. This extends beyond the mere expansion of residential properties to include the establishment of retail stores, hospitality services, healthcare facilities, and educational institutions. This all-encompassing growth is a result of the rising population and the demand for essential services and amenities.

Outlook for 2024

As we anticipate the year 2024, it seems likely that this trend will not only endure but may also gain momentum. The connection between thriving commercial activity and the influx of residents seeking homes nearby is poised to persist, exerting a continued influence on the real estate scenario. With the expansion of commercial hubs and the attraction of more businesses, the subsequent increase in job opportunities is expected to fuel the creation of extensive residential spaces equipped with essential amenities and infrastructure. This emphasizes the ongoing symbiotic relationship between commercial activity and the growth of residential real estate, making it an opportune time to consider investing in a home in Chakan.


Samyak Jain – Director, Siddha Group

Samyak Jain, Siddha Group

Sector Performance in 2023

We have seen a massive spike in sales of affordable luxury homes in 2023, indicating a significant trend in home buyers’ preferences. These buyers are now inclined towards larger living spaces equipped with luxurious amenities that provide an indulgent lifestyle at a well-connected location.  The focus on luxury and wellness amenities, and sustainability features, along with green living initiatives and zero-waste planning, reflects the evolving priorities of developers and homebuyers in the real estate market in India.

The increasing aspiration among homebuyers for luxurious living with amenities and unique experiences reflects a broader shift in lifestyle preferences and expectations. This shift in preferences and lifestyle choices has significantly propelled the demand for affordable luxury housing in Mumbai. Concurrently, the city of Mumbai has been undergoing upgrades, enhancing overall convenience and ease of travel across its various regions.

Outlook for 2024

Looking ahead to 2024, we see homebuyers in the mid-segment of housing aspiring to a better lifestyle. They are looking at homes that are luxury in nature yet come at an affordable price point and at a centrally located, well-connected property.


Rohan Khatau, Director, CCI Projects

Rohan Khatau, Director, CCI Projects Pvt. Ltd.

Sector Performance in 2023

The year 2023 saw the rejuvenation of micro markets mainly across the western suburbs of Mumbai due to new Metro line connectivity. Areas lying across Andheri to Borivali have benefited immensely resulting in improved social infrastructure as well. With these infra upgrades suburban areas are now better connected to South Mumbai.

In 2023, there was a significant revitalization of micro markets, particularly within the western suburbs of Mumbai. This rejuvenation was primarily attributed to the introduction of new Metro line connectivity. The areas spanning from Andheri to Borivali experienced substantial benefits from this connectivity upgrade, leading to an overall enhancement of the social infrastructure in these regions. The infrastructural improvements have played a pivotal role in connecting suburban areas more efficiently to South Mumbai, thereby reducing travel time and increasing accessibility.

Outlook for 2024

Looking ahead to the year 2024, there is anticipation on the completion of several major ongoing infrastructure projects. Upcoming projects like the Coastal Road, promises to reduce travel time drastically, connecting South Mumbai with Kandivali in the western suburbs and then further north to Virar. This will provide a direct link to the Ahmedabad highway through Mira-Bhayandar road. The upcoming Mumbai–Ahmedabad bullet train project passing through Virar will positively impact the realty sector in the western suburbs of Mumbai as well.

The development of a robust metro network along with ongoing infra projects will positively impact and drive housing demand in the western suburbs like Borivali, making it one of the most preferred home buying and investment destinations in Mumbai. Consequently, this is expected to fulfill the aspirations of numerous home buyers, who are eagerly seeking to realize their dream of owning a home, in a well-connected and thriving environment.

Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL)

Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Pvt. Ltd.


Sector Performance in 2023

The year 2023 has been a good year as far as the Mumbai real estate sector is concerned. The significance attached to owning a home among prospective buyers has significantly bolstered the housing sector, resulting in one of the highest home sales figures witnessed in this decade.

One of the key contributing factors to this success has been the improved Metro connectivity, which has brought about enhanced ease of travel for commuters. This improved connectivity has also brought new residential areas into the spotlight. For example, the western suburbs have emerged as a focal point for home buyers due to the diverse array of housing options available. This suburban belt offers all the essential conveniences necessary for a comfortable lifestyle, making it an attractive choice for potential homeowners.

Outlook for 2024

Looking ahead, we expect this positive momentum to continue into the New Year. Various factors currently align favourably for the healthy growth of the real estate sector. The continued emphasis on homeownership, coupled with improved connectivity and the attractiveness of suburban living, are anticipated to sustain the upward trajectory of the real estate market in Mumbai.

Dr. Sachin Chopda – Managing Director, Pushpam Group

Dr. Sachin Chopda, Managing Director, Pushpam Group

Sector Performance in 2023

The year 2023 witnessed a noticeable surge in people choosing to invest in holiday homes in India. This has come about due to several factors, with the most significant being the increasing aspirations for an enhanced lifestyle. This can be seen in Mumbai where people are showing interest in purchasing holiday homes in locations such as Alibaug and Karjat due to close proximity to the city. The attractiveness of investing in holiday homes has been on the rise due to a combination of factors. Firstly, there’s been an increase in income levels among home buyers. Additionally, there’s a growing desire among people to indulge in short weekend getaways. One of the appealing aspects of investing in this asset class is the potential for generating attractive and regular monthly income without any maintenance costs.

The attractiveness of these locations has been bolstered by major ongoing infrastructure projects like the Mumbai Trans Harbour Link (MTHL) and the Navi Mumbai International Airport. These infra projects have contributed significantly by enhancing accessibility to these areas and concurrently reducing travel time. As a result, they have become more appealing options for individuals seeking holiday home investments, providing convenience and a potential increase in value due to improved connectivity and infrastructure development.

Outlook for 2024

We believe that the year 2024 will see heightened interest in the holiday home segment as the benefits accrued by investing in this segment of real estate, becomes even more apparent to home buyers and investors alike. As people recognize the potential for regular income generation, and the appeal of having a weekend getaway spot, the attractiveness of holiday homes as an investment option, is likely to continue in the coming year.


Prashant Khandelwal – CEO, Agami

Prashant Khandelwal, CEO – Agami Realty

Sector Performance in 2023

In 2023, the housing sector experienced a dynamic and eventful year characterized by remarkable home sales across various property segments. Specifically, areas situated near commercial business districts, along highways, and adjacent to metro lines emerged as particularly advantageous locations. These areas reaped significant benefits owing to their close proximity to office spaces, ease of commuting facilitated by improved transportation infrastructure like highways and metro lines, and the inherent convenience they offer to residents.

Outlook for 2024

Looking forward to 2024, there is anticipation that home sales will reach their peak. This projection is attributed to several contributing factors, notably positive government policy measures that aim to support and bolster the real estate industry. Additionally, there is a persistent and growing housing demand within the market. The combined effect of favourable government policies and the continuously increasing demand for housing is expected to drive home sales to their highest levels in the upcoming year.


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Cushman & Wakefield: RE Investments likely to close@USD 5.0 bn