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08 July, 2023
The increasing demand for property and residential buildings in India has put it on a growth trajectory in the real estate industry. With inflating per capita income and rapid urbanization, the real estate market is in a healthy position. Estimates reveal that the industry would be growing at 9% by 2028.
A key factor contributing to the growth of the real estate industry is the increasing number of immigrants from smaller cities. They are moving to the metropolitans for better educational and employment opportunities. Besides, the growing demand for modern office spaces is stimulating the industry. In semi-urban and urban areas, the demand for lodging and office spaces has also increased.
The government of India has come up with the RERA and the Smart Cities Mission. This has also assisted the expansion of the real estate industry. Research reveals that the realty sector would be growing at 9.2% by 2028. This survey comes up with a detailed analysis of the sector. In 2022, the realty market in India was a $256.8 billion industry. In 2028, it is estimated to be a massive $780.6 billion industry.
The realty sector in India is largely being driven by the demand for residential properties. This stems from the rising population and higher demand for secondary sources of income. This has resulted in a promising forecast for the market. Also, the industry has grown due to significant investments in infrastructures. These include airports, motorways, and metro systems. As a result, the market is expanding rapidly, creating several micro-markets.
Among the key factors driving the expansion of the real estate industry, the most prominent ones include rapid urbanization, higher investment on infrastructure, and higher demand for residential property. Evidently, the market is expected to propel ahead in the next few years.