Over the years, the real estate industry in India has grown from strength to strength as currently, it has become the 2nd largest employer after the agriculture sector which still continues to provide the largest number of people in our country. Basically, the real estate industry comprises four sectors namely housing, commercial, retail and hospitality. The development of this sector most probably will depend upon the growth of the corporate environment.It is also expected by numerous experts that the Real Estate Industry in India will touch up to US$210 billion by 2022 where the Housing sector will have a major say in this as they are expected to contribute at least 15% to India’s Gross Domestic Product by the year 2022. The retail sector along with the hospitality sector has developed steadily and has met up with growing demands as well as needs of our nation.
Private investments grew rapidly over the years and as of now are contributing around US$5 billion currently. Moreover, India is expected to see a rise in the number of real estate deals in the second half of the current year which has made the market more transparent and there are various reasons for such demands. The IT and Retail sectors are demanding more and more space for their offices and operations which has contributed to the growth of real estate in our country.The Department of Industrial Policy and Promotion in its report had mentioned that the construction development sector in the country had received the huge flow of Foreign Direct Investment last year and the trend will continue till the year 2026.
Government too has played an immense role in the development of the real estate sector through their several incentives which have played an immense role in the development notably the Smart City project where the government is planning to build 100-150 Smart Cities opening the doors for real estate companies to exploit the opportunity to the fullest. Apart from that government has started National Urban Housing Fund with an investment of almost 60,000 crores.Also under the Pradhan Mantri Awas Yojana, almost 15 lakh houses were sanctioned in last financial year where the government has planned to construct further 40 lakh houses in this financial year which will be a great boost to the Real Estate Industry in India.SEBI also has played an important part in the real estate sector as it has created a platform where it will allow all kind and types of investors to invest in the Real Estate Market. Also, Real Estate developers have slowly moved from the traditional family owned business to that of professionally managed ones. Also, we can see huge shift in the mindset of the developers as well as there has been a huge appointment of professionals who are master in their craft to handle multiple projects which are running across various parts of the cities and even in the states. All in all the future of the Real Estate Industry in India is very bright and one should definitely look out for great things to come.