The real estate sector in the country has shown resilience in the face of the pandemic and that has resulted in an emergence of a robust real estate sector that is the most preferred asset class amongst investors in India. According to experts, residential property pricing had remained flat right through the pandemic and even a few years before that. This is resulting in pent-up demands for real estate property. Some of the other factors for this rise in real estate are because of benign sales and various government initiatives that have attracted home buyers looking to invest in residential real estate.
ECONOMIC STABILITY IN THE COUNTRY
India has become the 5th largest economy in the world and we have outdone China to become the most populated country in the world. These attributes along with a stable economy have resulted in great demand in the real estate sector in which the residential sector is the highest contributor. The Indian Government has introduced various strategies to boost the real estate sector. Some of these strategies are like the Real Estate (Regulation and Development) Act 2016 which has introduced transparency and accountability in the Real Estate sector. Other benefits introduced by the government to boost the industry include the reduction of premium charges and stamp duty- which positively impacts the industry’s growth graph; especially in the mid-income residential real estate sector.
THE INFRASTRUCTURAL DEVELOPMENT IN THE COUNTRY
Most metropolis and B-towns in India have seen a lot of infrastructural development. The Indian government has launched various initiatives to boost infrastructural development. Some of their flagship projects are smart cities and the various SEZs and IT corridors in the various cities. The government aims to develop 100 smart cities and around 200 SEZs in the future. This projected and positive infrastructural development in the cities has risen to a great demand for housing for many urban dwellers. This has in turn given rise to the residential real estate sector.
A GUARANTEED RETURN ON INVESTMENT
According to the market study, the digitalization of property records has resulted in a 90 % reduction in time for real estate deals and transactions. Along with these smart homes are the new features that are offered to residential property buyers in the market has also led to demand in this sector. Deep penetration of technology in smart cities and smart homes is enticing residential buyers to guaranteed return on investment. Therefore considering all the above advantages, 2023 has become a crucial year to invest in the residential real estate sector. It is well stated above that the Indian economy is growing at a rapid scale and the favorable government policies have made 2023- the ideal year to invest in residential real estate. This interest is alongside affordable housing as well as technological advancements have made it ideal for home buyers looking to buy their ideal abode as well as for real estate investors.
