How the Indian real estate sector can become the cornerstone of the economy?
When we talk about the real estate sector in India, it is expected to touch a market size of US$ 1 trillion by 2030 and this has been US$ 120 billion in 2017. Commercial real estate, retail, and hospitality are experiencing significant growth fulfilling India's growth needs at an incredible pace. This sector is expected to contribute 13% to the country's GDP by 2025.
The real estate sector is the second-largest source of employment in India followed by agriculture standing on top of the list. The sector is moving towards normalcy after the impact of the COVID-19 pandemic and seems to take the Indian economy to new heights.
Growing the opportunities for buying a home
Real estate market and construction activities were at a halt during the COVID-19 period, the migrant labor crisis and disruption made things more and more challenging. At this point in time, things are moving towards betterment, sales are increasing, macroeconomic conditions are improving at a good pace.
For those who have been dreaming of their own home, this could be the best time. There are endless attractive payment plans in the market and home loan rates are at an all-time low in the past two decades.
New opportunities are expected to emerge in the commercial space
Alike the residential segment, commercial realty has faced a very difficult time. Economic and business activities slowed dramatically and the segment may take a while to recover from the impact.
Now, things are moving and the segment is expected to come up with new opportunities. Organizations around the globe are diversifying their supply chain, the interest in setting up manufacturing units in India is growing and this, in turn, should increase the demand for plug-n-play factories, warehouses, and industrial land.
Technology is going to play a pivotal role
In real estate, technology is expected to be the way ahead. The COVID-19 period has made people more and more aware of emerging technologies and their uses in real life. technology is expected to see a large application in the real estate industry.
A lot more people are becoming aware of how to find a property in their area for the purpose of renting or buying, there are online sources available that allow filling the details and they can provide a long list of property options to choose from.
The bottom line
Technology is expected to enrich the Indian entrepreneurial ecosystem while helping the real estate world. In the coming year, the real estate market is surely going play a pivotal role in the Indian economy.