It is said that change is inevitable and affects every sector. Real Estate is undergoing some major changes since the year 2020. It is worthwhile to note that Real estate is the second largest growing sector in India. And experts project it will grow threefold in coming years. 2021 has been touted as the beacon of hope for a rising and vibrant economy. It is hard to pinpoint a single fact as there are various factors responsible. And all this has led to a boom in the Real Estate sector leading to its progression. Shravan Gupta believes there is not a single factor but a myriad of factors responsible for this unforeseen change in the sector.
Before we form a judgement, it becomes crucial to know about these changes and their impact on Real estate. The growth story- Real estate has witnessed a real momentum when it comes to growth in these trying times. According to market specialists, it has been projected that real estate will grow by 15- 18 million square meters by the end of this financial year. This trend is visible in both the commercial as well as residential sectors. Shravan Gupta feels that by the year 2025, this will contribute to 13% of India’s GDP.
The Market Size- It can be said that the market size of real estate has grown tremendously and this will lead to further growth in the real estate sector. Today more and more new houses are being built and launched in metropolitan cities like Mumbai and Delhi. This trend is also visible in mid-cap cities like Indore and Chandigarh. Hence, it won’t be wrong to assume that the best scenario for growth is visible and will continue for more years to come. Increase in demand- There is the question of demand when it comes to knowing the real value of the Real estate. This growth has become more excessive and is forecasted to grow at a steadier rate in the coming months. The demand has also increased by the growth in the construction sector. More and more construction materials are going to be needed by December 2021 due to the large demand for newer buildings.
Government initiative- Real Estate has also grown more because of several schemes by the Government. According to Shravan Gupta, low interest rates and good amenities have led to the revival of the Real estate sector. This change can also be attributed to low stamp duty.
The road ahead. Real Estate is at a vantage point and is projected to be the driving factor in the growth of the Indian economy. The several policies and changes are the biggest driving factors when it comes to visible growth. It is the best time to invest in real estate and be a part of the emerging economy.