Listen To The Article
The country’s real estate sector is expected to grow by 15% from $ 60 billion in 2010 to $1,000 billion by 2030, contributing 13% of India’s GDP by 2025. By 2023, the organized retail real estate sector is expected to grow by 28% to 82 million square feet.
According to Ansh Batra, Director of Buniyad Group, the post-pandemic momentum appears to be building. “Despite a slight increase in prices and a slight increase in home loan interest rates, the real estate sector has thrived on positive buyer sentiment,” Batra said.
According to the report, there is a high demand for housing in Delhi-NCR across all segments. However, according to Sanjay Sharma, director of SKA Group, one of the factors that has boosted real estate in NCR is the overall improvement in connectivity, both road and metro.
“Moreover, because these are newly launched projects offer superior construction and much improved facilities,” he added. In the commercial sector, sentiment is also positive. Big retail companies are growing and looking for new locations.
Projects that were put on hold due to the pandemic are nearing completion. As a result, commercial real estate, both office and retail, is booming. The demand for shop-cum-offices has also increased significantly, according to the report, which also stated that commercial property prices are rising.
According to a Knight Frank report, 25 million square feet were leased between January and June, representing a 107% increase yearly. Bengaluru and NCR have led the way, accounting for 7.7 million and 4.1 million square feet of these transactions.
The Indian retail market, meanwhile, is expected to reach $1.1 to 1.3 trillion by 2025, according to the report. It was worth $0.7 trillion in 2019-20, representing a 9-11% compound annual growth rate (CAGR).
The Indian retail market is driven by socio-demographic and economic factors such as urbanization, income growth, and the rise in nuclear families.
Source- Zee Business