Growth Story of The Real Estate Business in India
Real Estate in India- Boom on the Horizon
The future of real estate in India looks brighter than ever. Urbanization, REITs, and coworking, among others, are expected to be the crucial factors driving this excellent story of growth. Increase in demand for commercial spaces and affordable housing will have tremendously positive effects on the overall scheme of things. Reports of internationally renowned CBRE point out that the size of this industry in India is all set to grow manifold in the next ten years.
Don’t Be Fooled by Mere Appearances
The advent of RERA may have caused a setback because of the apprehensions. However, in the long run, its impacts are primarily favorable. Many areas of this industry needed to be brought in order. RERA was one of the most effective and severe regulations in this direction. Registration of realtors, defining limits of investment, and some other steps have propelled development. The Goods and Services Tax should also prove to be beneficial to the real estate industry.
Retail, commercial spaces
The demand for commercial properties for retail businesses has always been significant. The future projections also look very encouraging. Retailers want to ensure optimum growth for their companies. Investing in quality real estate is needed to fulfill their desires.
The need for warehouses and other storage facilities also can’t be ignored. Reports of CREDAI have estimated that total square footage of these essentials will more than double by 2030. All of these factors point out that the real estate industry is moving in the right direction.
Expanding workforce and creation of employment opportunities will be other factors impacting real estate in India. Affordable housing solutions will benefit the most with the migration of people to different parts of the country. Urbanization in the suburbs will also bring umpteen opportunities for developers to expand their business.