The Three Basic Mantras Of Real Estate

The Three Basic Mantras Of Real Estate

After the primary sector and agriculture, the real estate market in India is one of the largest in the world. These industries contribute between 6.5 and 7%, and they are a significant source of employment for the unorganized sector of the Indian labour market.

This industry benefited greatly from the post-liberalization era when India became a sought-after destination for foreign direct investment, numerous big ventures were starting up every day, and middle-class earnings in India experienced a rapid rise. Since the 1990s, it has experienced significant growth, and Indian metropolises like Chennai, Mumbai, Delhi, and Kolkata have seen a surge in the real sector.

As soon as a new government took office at the center in 2014, the sector experienced one surprise after another with the introduction of the Real Estate Regulatory Authority (RERA), the Goods and Services Tax (GST), demonetization, the act against benami property, and the insolvency code. After demonetization, RERA, and GST, not only have new project launches in the residential real estate sector decreased significantly but so have housing sales.

An overview of the Real State scenario in India

Market Size of Real Estate in India

By 2040, real estate market would expand to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. The real estate sector in India is predicted to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the country’s GDP by 2025. Retail, hospitality, and commercial real estate are also increasing considerably, providing the much-needed infrastructure for India's growing requirements.

India’s real estate market saw over 1,700 acres of land deals in the top 7 cities in 1 year. Foreign investments in the commercial real estate sector were at US$ 10.3 billion over 2017-21. As of February 2022, Developers expect demand for office spaces in SEZs to spike up after the replacement of the present SEZs act.

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