India’s Growth in the Real Estate Sector
By looking at the recent developments in the real estate sector, India is expected to achieve a market size of about 1 trillion within a decade. The property market’s involvement in the hospitality, retail, and commercial real estate sector is also proliferating due to the increasing demand for these infrastructures. Critical areas such as retail, IT, e-commerce, and consulting fields are registering for more office space.
A synopsis of the real estate business
It is fair to say that the growing demand for residential areas and commercial spaces have contributed to the significant growth of India’s real estate business. The property market has also pulled a substantial worth of institutional investments. After reading the relevant reviews, there is no doubt that India has already strengthened its position in the real estate position. With this, it is highly probable that the real estate sector will contribute almost 13% of the country’s GDP.
There is room for improvements
The leading real estate manufacturers, investors, sellers, and other international companies have gotten attracted to the country because of its success in the field of property market business. India is now all set to become the superpower and compete with the neighboring countries in the years to come. However, every business goes through some high as well as low phases. The country’s real estate market is yet to perform well in the industry when compared to companies such as the Philippines, China, and Vietnam. So, determining the future is still a bit difficult.
Role of government in the property market development
The government bodies are also taking initiatives to encourage real estate market development. The Smart City Project is one of the latest plans that required the building of 100 smart cities. It is an excellent opportunity for real estate companies, investors, as well as agents.