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As the Indian real estate sector continues to witness consistent growth, it is all set to touch $1000 by 2030. While the residential real estate sector has been delivering a strong growth in recent years, the retail real estate sector would undergo a 28% increment by 2023. It is likely to grow to 82 million square feet by next year.
According to experts, the growth trajectory of the Indian real estate sector would continue despite a marginal increment in the rates of home loan interest. Particularly, cities like Delhi-NCR have witnessed a huge demand for homes across all the segments. Better infrastructure and connectivity define the popularity of homes and commercial spaces in this area. Besides, the construction of the new airport at Jewar has further fostered this growth. Developers are coming up with new projects in every city.
Reputed builders are also focussing on the quality of lifestyle for the residents. The properties are much better in terms of construction, and the facilities are enhanced.In the commercial real estate segment, the sentiments are equally positive. Large retail companies are on the hunt for new spaces. Besides, the developers are launching new commercial projects and completing the ones that were halted during the pandemic. The retail sector is booming, and one can see the rapid development of office-cum-shops. In the commercial real estate sector as well, the property prices are quickly appreciating.
One of the interesting trends after the pandemic involves the high demand for luxury apartments. Independent floors, plots, and villas are also in high demand. With this type of trend dominating the real estate sector, the real estate industry can reach $1000 billion by 2030. Some of the factors fuelling the demand for homes include the rise in income growth and an increasing number of nuclear families in India. Besides, urbanization and other economic activities have boosted the growth of the real estate sector.
The real estate sector happens to be one of the largest employment generators in India since it involves construction. With the industry looking in good shape, the country is likely to benefit in terms of larger GDP share from real estate in the coming years.
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