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.