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The real estate industry is one of the most well-known in the world. Housing, retail, hospitality, and commercial spaces are its four sub-sectors. The expansion of this industry is aided by the expansion of the corporate environment, which has increased demand for office space as well as urban and semi-urban lodging. In terms of direct, indirect, and induced effects in all sectors of the economy, the construction industry ranks 3rd among the 14 key sectors.
After agriculture, the real estate sector creates the second-highest number of jobs in India. This sector is also likely to attract significant non-resident Indian (NRI) investment, both in the short and long term. The most popular property investment destination for NRIs is projected to be Bengaluru, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun.
From Rs.12,000 crore (US$ 1.72 billion) in 2019, the real estate industry is projected to rise to Rs. 65,000 crore (US$ 9.30 billion) by 2040. The Indian real estate market is predicted to grow to US$ 1 trillion by 2030, up from US$ 200 billion in 2021, and contribute to 13% of the country's GDP by 2025. Retail, hospitality, and commercial real estate are all experiencing considerable growth, offering India the much-needed infrastructure.
From July to December 2020, the office market in the top eight cities recorded 22.2 million square feet of sales, while new completions totalled 17.2 million square feet.
In the eight micro-markets in India, a total of 55,907 new housing units were sold between July 2021 and September 2021 (59 per cent YoY growth). New housing supply in the third quarter of 2021 (between July and September 2021) increased by 228 per cent YoY across the top eight cities, compared to 19,865 units introduced in the third quarter of 2020.
According to the Economic Times Housing Finance Summit, about three houses are created per 1,000 people each year, compared to the required five houses per 1,000 inhabitants.
The present housing deficit in cities is projected to exceed ten million units. By 2030, an extra 25 million units of affordable housing will be required to accommodate the country's urban population growth.
Construction is the third-largest FDI inflow sector, according to data supplied by the Department for Promotion of Industry and Internal Trade Policy (DPIIT). In terms of FDI inflow, construction is the third largest sector. Between April 2000 and June 2021, FDI in the sector (including construction development and operations) generated a total of $51.5 billion.
The following are some of the most notable investments and developments in this sector:
The central government, in collaboration with the governments of several other states, has taken a number of steps to promote development in the sector. Real estate businesses should take advantage of the Smart City Project, which aims to develop 100 smart cities. Some of the other notable government efforts are listed below:
The Securities and Exchange Board of India (SEBI) has approved the Real Estate Investment Trust (REIT) platform, allowing all types of investors to participate in the Indian real estate market. Over the next few years, it will offer a market potential worth Rs. 1.25 trillion (US$ 19.65 billion) in India. Indian real estate developers have altered gears and accepted new challenges in response to an increasingly well-informed consumer base and the globalisation factor. The transition from family-owned to professionally managed firms has been the most noticeable change. To address the increased need for managing various projects across cities, real estate developers are investing in centralised methods for sourcing materials and organising the workforce, as well as recruiting experienced professionals in project management, architecture, and engineering.
The residential sector is set to expand dramatically, with the central government intending to build 20 million affordable houses in metropolitan areas across the country by 2022 under the Union Ministry of Housing and Urban Affairs' ambitious Pradhan Mantri Awas Yojana (PMAY) scheme. The demand for commercial and retail office space is expected to rise as the number of housing units in metropolitan regions grows. The present housing deficit in cities is projected to exceed 10 million units. By 2030, an extra 25 million units of affordable housing will be needed to accommodate the country's urban population growth.
Increased transparency is being encouraged by the growing flow of FDI into the Indian real estate market. Developers have updated their accounting and management systems to meet due diligence criteria in order to seek investment. With US$ 8 billion capital injection by FY22, Indian real estate is likely to attract a significant amount of FDI in the next two years. Hence, the year 2022 seems like an ideal time to invest in the Indian real estate market.
Are you planning on investing in real estate? Well, we have it sorted for you. A perfect home awaits you that is well-connected to various modes of transportation, in a gated housing complex, has access to beaches, schools, hospitals, markets and is located in wonderful locations such as Mapusa or Ponda. We at Raj Housing have some amazing gated residential projects for you in mind. All our projects are RERA approved and also approved by all major banks for a home loan facility. Raj Housing focuses on developing community living projects across Goa. In Mapusa, we have Raj Ryle & Raj Enclave offering amazing 2BHK & 3BHK apartments with the best modern amenities, quality construction & great location advantages. Raj Enclave also comes with 5 years of worry-free maintenance. In Ponda, we have 1BHK apartments in Raj Durga Heritage, in Raj Harmony, we have 2BHK & 3BHK apartments offering the best in class living in the city and in Raj Elite we have spacious 3BHK apartments along with shops and office spaces. All our projects are a picture-perfect blend of splendour, luxury, quality, and affordability. Most of these projects are well connected to Goa's Dabolim Airport, upcoming Mopa airport, Thivim Railway Station, Margao Railway Station, Bus Stands, Mumbai - Goa Highway, Goa - Kochi Highway, Goa - Bangalore Highway, Goa - Pune Highway, Goa - Hyderabad Highway, etc. enabling easy inter-city connectivity.
More than 1400 families have invested their life savings in homes in 23+ completed projects across Goa developed by Raj Housing over a decade and have been living their happy-ever-after there. Even in these trying times of COVID-19, it could be the best decision you can make considering the safety & security of your family. As they say, every disruption is an opportunity in disguise. Grab yours!
Speak to the team at Raj Housing today, for the right advice to help you put your money on the best investment option. Call: +91-976-371-9962 | www.rajhousinggoa.com
References: Media Reports, Press releases, Knight Frank India, VCEdge, JLL Research, CREDAI-JL, India Brand Equity Foundation, Union Budget 2021-22
Disclaimer: This information has been collected through secondary research and Raj Housing Development Pvt. Ltd. is not responsible for any errors in the same