Around the world, the real estate sector has shown great significance in contributing to the economy. Well, today India is not behind!
India’s landscape extends beyond the confines of modest homes and historical landmarks. In actuality, the real estate sector itself is one of the main drivers of the Indian economy.
The revolution in suburban life, luxury housing, and emerging technologies have all had an impact in 2024. Thus, it is reasonable to anticipate the Indian real estate market will grow to $1 trillion by 2030; further contribute 13% of the country’s GDP by 2025.
Now, if you are intrigued about the growing real estate sector in India, it is time to explore with this blog –
If you observe after the British Rule in India, its real estate industry expanded in step with the post-independence economic growth of the nation. Early on, a lot of attention was paid to the construction of fundamental infrastructure. These areas include properties like government buildings and residential colonies.
Gradually, the real estate sector was significantly shaped during the early stages through the rise of urbanization and population. By the 1990s, real estate construction started booming, particularly in metro cities like Bangalore, Delhi, and Mumbai, thanks to liberalization policies that encouraged private investments.
Now it is time, which phases directly affected and shaped the real estate sector of India –
The main drivers of India’s real estate market were the Public Sector Developments in the decades after independence. Following which, the development and renovation of architecture applied to government-sponsored housing projects and infrastructure improvements, in cities like Delhi and Mumbai.
However, due to restricted rules, the private sector involvement was limited within this period.
Towards the 1990s, the Indian real estate market saw a radical transformation. Earlier the private sector was limited, which was revolutionized during this time. Yes, in order to attract more private investment, economic changes during this period liberalized a variety of industries, including real estate.
This resulted in an increase in large-scale residential and commercial construction. Influence was especially in urban areas. When Foreign Direct Investment (FDI) in real estate was approved, the industry ultimately expanded.
Advances in technology have characterized the last ten to twelve years. Proptech, or the use of technology in real estate investment is the latest development. Yes, with protech companies like NoBroker and Housing.com, sale and management of properties, has improved the process’s efficiency and transparency.
Further, to improve the experience for buyers and sellers, these platforms include features to provide blockchain-based smart contracts, AI-driven market forecasts, and virtual property tours.
The real estate market in India is not about luxury. Instead, it is about accessibility of housing and better living to all. Hence, to make real estate transparent to the masses, the Indian government has put in place a number of initiatives.
In fact, to promote expansion in the real estate industry, important policies have been provided. Here are some of them –
● The RERA Act of 2016 – This act is sought to guarantee transparency and safeguard consumers.
● Smart Cities – The goal of smart cities is to promote the growth of intelligent and sustainable urban regions.
● Affordable homes – By 2022, the “Housing for All” campaign promised to offer reasonably priced homes.
Further, these policies have created a more structured and transparent real estate market, which attracts both domestic and foreign investors.
A country like India is getting attention for its rising real estate culture. In fact, the real estate sector has been made to stand in the global spectrum, because it’s fully tech driven, focuses on sustainability and more. However, if someone wants to invest here, they must also be aware of all sides of India’s real estate market.
Hence, here are certain things you must take a note of –
It is true that the Indian real estate market has a lot of potential. But there are still obstacles to overcome, like problems with land acquisition, shifting real estate values, and the effects of climate change.
Moreover, rising sea levels pose serious threats to coastal cities like Mumbai.
Also, there is a growing need for climate-resilient infrastructure. The scarcity of reasonably priced housing is still an issue as well.
Problems will come in your way, but the potential stays true.
Talking of which, looking ahead, you will explore several trends that are set to shape the future of real estate in India.
Yes, the growing demand for affordable housing and increased investments in logistics and warehousing due to e-commerce growth are notable.
Furthermore, the government’s focus on smart city development is set to drive the integration of technology in real estate projects.
Lastly, with the rise of hybrid work models, there is a growing demand for flexible workspaces and co-living spaces!
The development of the Indian real estate market is indicative of the nation’s overall economic advancement. The industry is expected to continue expanding as a result of government reforms and the introduction of creative proptech solutions.
As developers and investors adjust to shifting market conditions, the future appears bright despite obstacles. This blog is an apt guide to how Indian real estate started from the historical ruins, and today is ruling as one of the top spots for the global real estate industry.
Hence, if you are looking forward to making a place for yourself in the Indian real estate market, bookmark this article!
For the Indian real estate sector, proptech tools have streamlined property transactions, making the process more transparent and efficient. In fact, one can today remotely access virtual property tours, blockchain contracts, and AI tools in India from abroad.
In India, urbanization has increased demand for both residential and commercial real estate, particularly in major cities. This pattern keeps driving the expansion of commercial, retail, and dwelling space development.
In India, the idea behind ‘smart cities’ is to use technology to enhance services and infrastructure. The demand for contemporary, technologically advanced real estate in cities is increased by these developments.
Real Estate (Regulation and Development) Act, 2016 was passed in order to standardize real estate transactions, improve transparency, and safeguard purchasers.
By Proptechbuzz
By Ravi Kumar