How is the real estate market shaping up in India?

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The real estate market in India has evolved significantly over the years. From being increasingly residential-focused to witnessing explosive growth in commercial and retail sectors, the industry is expanding at a rapid pace. Unsurprisingly, the Indian real estate market is one of the fastest-growing sectors of the economy.

 

With the advent of technology and shifting customer sentiments, the sector has undergone dynamic changes. While the residential sector has grown from simple housing projects with basic facilities to homes with ultra-luxurious amenities, the commercial sector has expanded to include new models such as co-working spaces. These shifts could be attributed to a multitude of factors. The increasing transparency in the sector and consolidated efforts of the government have contributed to the growth trajectory of the industry.

 

Let’s understand in detail the key trends shaping the real estate sector below:

 

  1. The Increasing Desire For Opulence

 

The sale of luxury homes in India increased by 130% in the first half of 2023 compared to the corresponding period of the previous year. There's a mounting appetite for luxury as consumers seek elevated experiences. Homes are no longer just places to live in but a means to redefine living standards. The statistics for luxury homes reflect the Indian homebuyers’ inclination towards upgrading their lifestyle and enhancing their social status. Going by the current trends, the luxury segment is expected to witness robust growth.

 

  1. The Millennial Mindset

 

Millennials are more inclined towards creating wealth-generating assets. Some view real estate as a stable long-term investment whereas some are drawn towards the social status and a sense of accomplishment that comes with having real estate investments. A survey by the Confederation of Indian Industry (CII) and real estate firm Anarock indicates that 52% of millennials choose real estate as the best asset class. Millennials, thus, have a major role to play in driving the growth of the real estate sector.

 

  1. Booming Commercial market

 

The value of commercial real estate is expected to show an annual growth rate (CAGR 2023-2028) of 11.50%, resulting in a market volume of US$8.36 Trillion by 2028. The recent developments in the commercial sector have resulted in burgeoning demand. Developers are integrating offices with residential and recreational facilities               to create independent ecosystems that promote work-life balance for individuals. The incorporation of the latest technology has led to the development of efficient spaces, attracting demand from across classes.

 

  1.  Rise Of Gated Communities

 

Gated communities and townships are picking the pace in Indian real estate. According to a Redseer report, the demand for gated communities will increase by 2.5 X reaching $500 Billion by 2026. Ease of living is cited as one of the top reasons for the increasing popularity of townships and gated communities. Health, amenities, private living, security and lifestyle are the key factors driving individuals towards townships and gated communities.

 

  1. Digital Homebuying and Investments

 

The ingress of AI and virtual tools has enabled digital homebuying. Developers have leveraged virtual walkthroughs, e-launches, and a host of other platforms to increase the reach of their properties. Individuals from across geographies are now investing in real estate properties whereas data analytics are enabling access to crucial insights on buyer sentiments for developers.

 

 

Besides the rising aspirations and disposable incomes of homebuyers, government initiatives have played a major role in driving the real estate boom. Affordable housing projects, FDI and interest subsidies for first-time home buyers among others are a few government policies that have had a positive impact on the real estate sector. The government has permitted FDI of up to 100% for townships and settlements development projects. FDI in the sector (including construction development & activities) was US$ 56.03 Billion from April 2000 to March 2023. Moving forward, the real estate sector in India is expected to experience a growth rate (CAGR) of 9.2% during the five years from 2023 to 2028. With an increasing percentage of individuals viewing real estate as an asset of a lifetime, the sector is poised to set new benchmarks in the near future. 

Article authored by: Team Propfynd

Date: 12th January, 2024

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