Presently, India is the fastest growing economy with 7.5% growth, when most of the global economies are exhibiting a slowdown. Hence, with the largest youth population, India is projected to be running the race, overtaking all the emerging economies at least for the coming fifteen years. But, with a huge number of people without basic facilities, it announces the importance of embracing them also into the clutch.
The Indian real estate market indeed has a vital role in opening up the future avenue for the country’s economy. As a large population sleeps on streets and many stay without proper accommodation, the construction sector would be the one that has the potential to drive India a developed country. Blessed with a handsome number of working population, we can concentrate on the construction and related real estate sector. Regarding employment generation, real estate stands second to agriculture. Moreover, the other linked industries like steel, cement and brick, transport etc. are significantly getting benefited by this growth. Roughly, 5% of India’s GDP is being contributed by this sector, and it is estimated to touch 6% in the coming five years. Due to all these positive features, it is highly potent to pull more foreign investments.
When all the developed countries have reached saturation point with well-built housing complexes and office site, there is not much scope for real estate boom in such countries. But, in India, considering its vast land area and huge population, the high possibility of this sector makes us think about its importance in the topical scenario, and we all have to run the marathon to get the trophy.
For tapping the sumptuous working human resource, most of the multinational companies are fixing their foot in India. Hence, a lot of IT based and other official complexes are expected to grow exponentially. Moreover, India is moving towards an organized retail culture, unlike previous days. This requires additional land space. Real estate companies can meticulously utilize the space for the construction of these. Now, for achieving all these, Indian real estate markets are declaring its presence in tier-1 and tier-2 cities also. Almost 80% of the real estate market in India occupies residences, and the remaining is covered by offices, hospitals, schools, shopping malls and other public spaces.
Now, the real estate companies could also take part in the government’s initiative of accommodating all within four walls by 2022, Housing For All project, thereby making the job easier for the government. With the new government’s policies, the market price of houses and flats has come down, which has become an attractive factor for the buyers to come forward. With the relaxed tenets in the policies, buyers are feeling more secured and confident, regarding registration and other processes.
It is estimated that by 2030, approximately 600 million people will live in the cities. Therefore, affordable housing has become a huge demand. But, the industry has a large gap to meet. Taking the demand and the current infrastructure into consideration, real estate sector has a titanic job to accomplish.
Read More : Real Estate Blogs