What is the future of Real Estate in India?
Real estate sector acquired a strong position in the global market and now recognised as the best investment coin to flip on. The growth of the real estate sector is rapidly growing year by year.
This sector comprises four sub-parts-retail, hospitality, commercial and housing. This shows the stronghold viewpoint to invest as the future of Real Estate in India is turning in a bright way.
The recent study presents the huge data of the real estate sector which showcase a profitable investment in the real estate business.
Supported by positive economic fundamentals, solid demand and quality supply infuse across, India’s real estate sector is assured for strong development in the upcoming year. The future of Real Estate delighted with the recently published report.
The real sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion out of 2017 and contribute 13 per cent of the nation’s GDP by 2025.
There are sectors which have registered high demand for office spaces such as retail, consulting, IT, ITeS and e-commerce. The requirement of co-working space has sharply increased in 2018 now reaching 3.44 million sq ft compared to 1.11 million square feet for the period in 2017.
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The real estate sector in India has witnessed a high growth rate in the past few years for both office and residential spaces.
Government of India and the respective states has taken several initiatives to encourage the real estate sector to shape a better future of real estate in India.
The first step is taken by providing an extension to the credit-linked subsidy scheme till March 2020, which also provides interest subsidies on home loans for Low Income Group (LIG), Economically Weaker Section (EWS), and Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana.
Government of India provides more enhancement in the demand, it has specifically defined housing units within the range of Rs. 45 lakh as affordable housing, increases the size and scope of the segment.
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Approximately 4.45 lakh families have availed the subsidy of Rs 10,000 crore as on April 2019 under the Credit Linked Subsidy Scheme out of this, 3.15 lakh families of Low Income Group (LIG) and Economically Weaker Section (EWS) has availed a subsidy of around Rs 7,700 crore and 1.3 lakh families of Middle Income Group (MIG) segment has availed around Rs 2,300 crore subsidy benefit.
The Securities and Exchange Board of India (SEBI) has given its endorsement to the Real Estate Investment Trust (REIT) platform which will help in allowing all kinds of investors to invest in the Indian real estate market.
It would definitely create an opportunity worth Rs 1.25 trillion (US$ 19.65 billion) in the Indian market over the years.