The residential real estate market could see another peak in 2024, despite the General Elections. This is because most real estate regulatory reforms and norms are already in place, and international organizations like the IMF have strong GDP growth predictions for India for the next few years.1

Examining price trends in these election years reveals that 2014 was a stronger year than 2019. Anarock data shows that in 2014, average prices in the top 7 cities rose by over 6% annually compared to the previous year – from Rs 4,895 per square foot in 2013 to Rs 5,168 per square foot in 2014.

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• 1. In the election years of 2014 and 2019, there was growth in housing sales compared to the previous year. Fueled by growing homebuyer demand, developers have closed substantial land deals in the past year, and most have clean balance sheets. Many large developers with good track records and solid financial positions are venturing into new territories to expand their presence. In the general election year of 2014, the housing market peaked with approximately 3.45 lakh units sold and 5.45 lakh new units launched across the top 7 cities. The 2019 election year brought another peak after a sector slowdown from 2015 onwards due to structural changes like Demonetization, RERA, and GST. During this year, approximately 2.61 lakh units were sold and 2.37 lakh units were launched in the top 7 cities. "A major factor driving the housing market's phenomenal performance in 2014 and 2019 would have been the decisive election results," said Anuj Puri, Chairman of the Anarock Group. "For homebuyers, it meant the end of indecisiveness and a confident move to buy."