India Residential Real Estate Market to witness Steady Growth through FY2027
Increase in the expenditure
capacity and the development of the construction industry is expected to drive
the demand for India residential real estate market in the forecast period.
According to TechSci Research report, “India
Residential Real Estate Market By Type (New Construction, and Resale) By
Category (Flats & Apartments, Individual Houses or Private Dwellings,
Condominium, Townhouses, and Others) By Mode (Online & Offline), By Region,
Company Forecast & Opportunities, FY2027”, The India residential real
estate market is expected to witness steady growth in the forecast period. Rise
in the globalization across the world and the preference shift of consumers for
the adoption of improved living standards is expected to influence the
residential real estate market growth. An increase in the number of
well-informed consumers and the rise in the number of upcoming construction
projects is expected to fuel the market growth. An increase in the
digitalization process across the country to increase transparency and speed up
the process is expected to foster the residential real estate market growth.
The high urbanization growth rate and the growth in employment opportunities
are accelerating the sales of the residential real estate market. Development
of the urban cities and the growth of the IT sector are attracting a large
population to seek affordable houses in the urban cities. Growing industrialization
to cater to the needs of the growing population is enabling the consumers to
afford residential spaces. Development of the construction industry and the
sale and buy of residential homes through the online platforms with the
offering of discounts and offers for online payment is expected to foster the
growth of the residential real estate market.
Due to the ongoing pandemic COVID-19, the lockdown was
imposed all over the country. A complete shutdown was observed, and people
started practicing social distancing and started following the precautionary
guidelines. Imposition of strict regulations and policies by leading
authorities, the business had to suffer huge losses. People stopped spending on
non-essential things which adversely affected the demand of the residential
real estate market. The adoption of online channels for online payments and purchase
property through the online sector to avoid getting infected with the
coronavirus is expected to boost the growth of the residential real estate
market in the next five years.
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India
residential real estate market is segmented into type, category, mode, regional
distribution, and company. Based on the type, the market can be bifurcated into
new construction and resale. The new construction segment is expected to
witness growth in the forecast period, 2022-2026. Upcoming construction
projects and the financial support provided by the institutions and the market
players are expected to foster market growth. Based on the category, the market
can be divided into flats & apartments, individual houses or private
dwellings, condominium, townhouses, and others. The flats & apartments
segment is expected to dominate the market in the next five years due to the
presence of a large number of affordable flats and apartments in well-developed
societies. The offering of other basic amenities such as security, electricity,
and other maintenance activities by the builders is influencing the consumers
to invest more in the flats and apartments.
Sunteck
Realty Ltd., Omaxe Ltd., Godrej Properties Ltd., Phoenix Mills Ltd., Oberoi
Realty Ltd., Brigade Enterprises Ltd., NBCC India Ltd., Prestige Estates
Projects Ltd., Indiabulls Real Estate Ltd., DLF Ltd. are the leading players
operating in India residential real estate market. Manufacturers and service
providers are increasingly focusing on research and development process to fuel
higher growth in the market. To meet evolving customer demand with respect to
better efficiency and durability, several residential real estate manufacturers
and service providers are coming up with their technologically advanced
offerings.
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“The
government of India has launched several initiatives such as Atmanirbhar Bharat
3.0 and has allocated the Affordable Housing Fund to making housing schemes
available and affordable for every citizen of the country. Developers are
increasing the transparency in their systems to attract foreign investments to
ensure the development of the residential sector. The upcoming project of the
development of the 100 Smart cities for the up gradation of the urban
infrastructure in India is expected to propel the demand of residential real
estate market till FY2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Residential Real
Estate Market By Type (New Construction, and Resale) By Category (Flats &
Apartments, Individual Houses or Private Dwellings, Condominium, Townhouses,
and Others) By Mode (Online & Offline), By Region, Company Forecast &
Opportunities, FY2027” has evaluated the future growth potential of India residential
real estate market and provided statistics & information on market size, shares,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of India residential
real estate market.
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