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15 September, 2022
The real estate industry in India has been evolving consistently over the years. However, growth in the real estate sector should be considered to the expansion of homes in the metro cities only. You need to consider the third-tier cities and towns as well. In recent years, the performance of the real estate industry has been phenomenal when you consider the smaller towns and villages. Looking at the growth in infrastructure, the situation seems to be working in favour of the developers.
The real estate industry in India continues to generate employment significantly, and this is the second-largest sector. In terms of FDI flow, it ranks third and brings about economic growth. By 2024, the Indian real estate sector is likely to tough the INR 65,000 crore mark. By 2025, the real estate industry will contribute to 13% of the GDP of India. Therefore, the growth trajectory of the Indian real estate sector is evident from these impressive statistics.
Due to the pandemic, there was a change in the dynamics defining how the Indian residents stay and work in the country. Currently, people are embracing their normal lives once again. However, urbanisation is taking place far beyond the cities, and deep into the suburban areas or towns. Reputed developers are coming up with secured gated communities, malls, and commercial complexes in these places. The hybrid work mode implies that skilled workforce would migrate to the satellite cities. The demand for Grade A commercial spaces has increased in these places as well.
The real estate industry in India is responsive enough to cater to the growing needs of the residents. This has been a positive aspect of the industry that fuelled its growth. The end users often have specific requirements, and the industry has catered to the same. This encompasses changing lifestyles, demographics, and business interests.
All these elements have led to a strong demand for properties in India. Real estate has emerged as a preferred asset class. Therefore, the industry looks well-poised for further growth in the coming years. This also implies that the industry would further contribute to the country’s GDP.