One of the biggest contributors to the Indian economy today is Real Estate. Real estate accounts for approximately 7% of the total GDP and the housing market is worth about USD 180 billion.
One of the biggest contributors to the Indian economy today is Real Estate. Real estate accounts for approximately 7% of the total GDP and the housing market is worth about USD 180 billion. It is predicted to continue to grow over the next couple of decades and further contribute an even larger percentage towards the total GDP of our economy. In addition to this, it contributes to employment in India, being the second-largest source of employment in the country after the agricultural sector. All these facts taken into consideration together, along with some of the post COVID-19 impacts on the real estate market, make it likely that Real Estate in India is going to be one of the major sectors to create growth in the Indian economy.
Post COVID-19, there will be a surge in demand for Real Estate Companies in Kanpur. This is because macroeconomic conditions are improving, home loan rates are at their lowest in the last 20 years, market prices have gone down and there are several payment plans that make buying a home extremely desirable. Another segment that has been hit hard by the indirect impacts of COVID-19 is the commercial realty segment. Slow-down in business activities has led to a decline in commercial leasing. Although it will take time for this market to recover, there are several new opportunities that have come up in the commercial space. This means that there will inevitably be a rise in demand for commercial properties. More and more people will be looking to buy and rent spaces for commercial use, which will lead to the overall demand for real estate going up, thereby increasing its contribution to the Indian economy’s GDP. Also, growth in the e-commerce and pharma sectors is also likely to play a role in increasing the demand for rentals of commercial properties such as warehouses.
In India, there is also an extremely high demand for affordable housing and rental projects. There is huge potential in this space and if the correct steps are taken by governing agencies and developers, there is a humungous opportunity for real estate growth. This will further boost the economy. Additionally, technological advancements in the real estate sector will open up many opportunities for Indian entrepreneurs. People looking to buy, sell, invest in or survey real estate are now using technology to do so. Due to the pandemic, virtual tours of Home in Kanpur became the new normal for analysing properties. This connection between technology and real estate will help the economy bounce back to normalcy by making it easy for people to discover new real estate developments and therefore increase the demand for this.
Looking at the post-covid-19 predictions for the real estate market, the advancement in technology and its association with real estate and the increase in the opportunity for commercial growth, and by extension, the demand for commercial property, are all contributing factors to the Indian economy. All these factors together make the Indian real estate market set to be the iron pillar of the economy and are likely to be an exceedingly large part of the growth of GDP in the country