Real estate in India has emerged as a booming sector in recent years, driven by urbanization and increasing disposable incomes. The Indian real estate market offers ample opportunities for investors and homebuyers alike, with a vast range of properties available across the country. In this blog, we’ll explore some of the key facts and figures about real estate in India that investors and homebuyers should be aware of.
The residential real estate market in India is the largest segment of the real estate industry, accounting for approximately 80% of the total market share.
- The Indian real estate market is massive, with a current valuation of approximately $180 billion. The sector is expected to contribute to 13% of the country’s GDP by 2025, making it a significant contributor to the economy.
- The residential real estate market in India is the largest segment of the real estate industry, accounting for approximately 80% of the total market share. This is driven by rising urbanization, increasing disposable incomes, and the growing demand for affordable housing.
- The top 8 cities in India – Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata, Pune, and Ahmedabad – account for nearly 70% of the total demand for real estate in the country. These cities offer a diverse range of properties, from affordable apartments to luxurious villas.
- The average price of a residential property in India has increased by approximately 7.5% per annum over the past decade. However, there is still a wide range of affordable options available across the country, especially in developing cities.
- The Indian government has launched several initiatives to boost affordable housing, including the Pradhan Mantri Awas Yojana (PMAY). This scheme aims to provide affordable housing to all citizens and has helped to drive demand for affordable homes across the country.
- The Real Estate (Regulation and Development) Act (RERA), introduced in 2016, aims to protect home buyers and increase transparency in the real estate sector. Under this act, developers are required to register their projects and provide accurate information to buyers, ensuring greater transparency and accountability.
- Co-working spaces are a rapidly growing trend in the Indian real estate industry, with major players like WeWork and Regus expanding rapidly in major cities. This trend is driven by the growth of the gig economy and the increasing demand for flexible workspaces.
In conclusion, real estate in India is a rapidly growing sector that offers ample opportunities for investors and homebuyers alike. With a wide range of properties available across the country, from affordable housing to luxurious villas, there is something for everyone in the Indian real estate market. The government’s focus on affordable housing and sustainable building practices, coupled with the introduction of RERA, has helped to drive transparency and accountability in the sector. Whether you’re looking to invest or buy your dream home, real estate in India is definitely worth exploring.