The Indian real estate industry is poised for an exciting future, with several factors indicating a positive growth trajectory in the upcoming years. From the emergence of new trends to the government’s push towards affordable housing, the Indian real estate market is set for a transformational period.
The Indian real estate market witnessed a slowdown in the past few years due to the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Goods and Services Tax (GST). However, the market is expected to revive in the upcoming years, with the help of the following factors:
1. Technology Adoption
Technology is transforming the way real estate businesses operate in India. With the increased adoption of technology, the real estate industry is moving towards greater efficiency, transparency, and accuracy. Technologies like virtual and augmented reality are enabling customers to experience properties without physically visiting them. Blockchain is helping to secure property transactions, and artificial intelligence is streamlining property management.
2. Government Reforms
The Indian government has introduced several reforms to boost the real estate sector’s growth. The introduction of RERA has brought in more transparency and accountability in the sector, which has increased consumer confidence. The government’s push towards affordable housing through schemes like Pradhan Mantri Awas Yojana (PMAY) has increased demand for affordable housing units.
3. Rise of Co-living and Co-working Spaces
Co-living and co-working spaces are gaining popularity in India, especially in urban areas. Co- living spaces are fully furnished apartments that offer flexible lease options, making them an attractive option for millennials and young professionals. Co-working spaces are shared office spaces that provide a cost-effective solution for startups and freelancers. The rise of co-living and co-working spaces is expected to drive demand for commercial and residential real estate in the upcoming years.
4. Smart Cities
The Indian government has launched the Smart Cities Mission to develop 100 smart cities across the country. The Smart Cities Mission aims to provide a better quality of life to citizens through the use of technology and sustainable development. The development of smart cities is expected to boost demand for real estate in these cities, leading to the creation of new opportunities for real estate developers.
5. Increased Foreign Investment
The Indian real estate market is attracting more foreign investment due to its attractive returns and growth potential. The government’s recent decision to allow 100% foreign direct investment (FDI) in the construction sector is expected to boost the sector’s growth further. The increase in foreign investment is expected to lead to the creation of more jobs and the development of new infrastructure.
In conclusion, the Indian real estate market is set for an exciting future, with several factors indicating a positive growth trajectory in the upcoming years. The adoption of technology, government reforms, the rise of co-living and co-working spaces, the development of smart cities, and increased foreign investment are all expected to contribute to the sector’s growth. As the Indian economy continues to grow, the real estate sector is likely to emerge as one of the key contributors to the country’s economic growth.