Real estate is one of the most competitive sectors in India. The real estate construction sector has always been a major contributor to the country’s economy. However, during the Covid-19 virus, several construction activities and projects had to be shut down owing to safety restrictions.
Moreover, the sales of apartments also declined. All the pandemic restrictions brought real estate transactions to a halt. Fortunately, as per market experts, the conditions have improved. According to reports, the average value of residential properties witnessed growth in the earlier months of 2021. With recovery on the cards, the real estate sector is expected to grow to $ 1 trillion by 2030. Indian real estate witnessed a high demand rate in residential and office spaces. Housing sales increased by 29 percent in top tier cities like Delhi, Mumbai and Bengaluru.
Reason for an increase in the boom-
- Population growth
- Increase in NRIs
- Government schemes and initiatives
- Rise in tourism
- Work From Home environment
The real estate sector is bound to grow to Rs. 65,000 crore by the year 2040. Talking of its effect on employment, this sector ranks second, employing a vast majority of the Indian population, right after the agriculture sector.
The real estate cycle has four major phases- recovery, expansion, hyper supply and recession, indicating that the sector goes through its share of ups and downs, just like any other domain. Let us have a look at each phase separately-
- Recovery- In this period, the construction is slow or stagnant. Financial restraints mark this phase, with people being apprehensive about buying new properties.
- Expansion- This period is marked by recovery and growth in employment. With this, people’s trust and interest in the housing sector also go up.
- Hyper supply- Soon after an increase in demand for residential flats, the supply overcomes the demand and this results in an increase in the number of available apartments and houses.
- Recession- This phase is characterised by an excess of supply over demand. This is also the phase when many owners buy distressed properties only to see them later.
To help the housing sector develop faster, the Government of India has taken initiatives like The Smart City Project, which will provide real estate companies with the opportunity to expand themselves. Moreover, the residential sector is expected to witness significant growth after the GOI’s initiative to provide 20 million affordable housing facilities by 2022.
Construction activities are in full swing to meet the rising demands for residential and luxury flats from home buyers.
The Indian housing sector is on an upward roll, with demand and supply both picking up gradually. Since the lockdown restrictions have eased down slightly, homebuyers have started showing interest in properties and commercial spaces. The work from home environment made people aware of the need to have their own spaces. In addition, people have to work remotely, which has increased the demand for affordable houses. Construction projects and developers have been offering a plentitude of housing options to their customers. This has resulted in several new options being available for homebuyers to choose from. For example, many real estate dealers bring to their customers a set of highly flourished ready to move flats in Noida to suit their housing needs.
Several construction companies offer their well-planned residential apartments in Noida. These duplex apartments in Noida are close to schools, coffee shops, malls, metro stations, and railway stations.
