by 99Realty 
In the ever-evolving world of real estate, the future appears promising and dynamic. As we peer into the crystal ball, it’s evident that the real estate sector, especially in India, is on the cusp of transformative growth. Let’s unravel the key insights that shed light on the anticipated future and the reasons behind the current real estate boom.
Future Growth of Real Estate:
The trajectory of real estate growth is poised for an upward climb. The increasing demand for housing, commercial spaces, and infrastructure development creates a fertile ground for sustained expansion. As urbanization continues globally, real estate stands at the forefront of meeting the evolving needs of societies.
Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the country’s GDP by 2025. Indian real estate developers operating in the country’s major urban centers are poised to achieve a significant feat in 2023, with the completion of approximately 558,000 homes. India was expected to deliver 46 million square feet in 2022-23.
According to the Economic Times Housing Finance Summit, about three houses are built per 1,000 people per year compared with the required construction rate of five houses per 1,000 population. The current shortage of housing in urban areas is estimated to be ~10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the country’s urban population.
India, a diverse and dynamic nation, is set to play a pivotal role in the future of real estate. By 2026, transformative changes are expected to unfold. Government initiatives, technological advancements, and a burgeoning middle class are key contributors to the anticipated evolution of India’s real estate sector. Smart cities, affordable housing, and sustainable development are on the horizon, reshaping the urban landscape.
Why Real Estate is Booming:
Right now, real estate is growing a lot, and there are a few reasons why. Interest rates (the extra money you pay when you borrow) are low, the government is planning smart things, and technology is making things easier. More people want houses they can afford, and owning a home is really important to many people. India’s middle class is getting bigger, and everyone is trying to build homes in a way that’s good for the environment. All these things together are making real estate grow a whole bunch right now.
- Rapid Urbanization: The global trend of urbanization continues to drive the demand for real estate. In India, as more people move to urban centers, the need for residential and commercial spaces skyrockets, setting the stage for substantial growth
- .Government Initiatives: Strategic government initiatives, such as Smart Cities and affordable housing projects, are reshaping the real estate landscape. These initiatives aim to enhance living standards, promote sustainability, and address the housing needs of the burgeoning population.
- Technology Integration: Technology is changing how we do things in real estate. Homes are getting smarter, with things like lights and doors that can do cool stuff. There are also websites and apps where you can buy and sell houses. Plus, using special computer programs helps us understand more about what people want. All of these tech things are making real estate easier and better for everyone involved.
- Affordable Housing Boost: Efforts to offer homes at reasonable prices are picking up speed. This not only meets a basic human requirement but also boosts the economy by making it easier for more people to own property.
- Low-Interest Rates: Favorable financial conditions, including low-interest rates, contribute significantly to the real estate boom. This makes borrowing more accessible and encourages investment in property, driving demand across residential and commercial segments.
- Expanding Middle Class: The increasing middle class in India plays a crucial role in the real estate story. As people have more money to spend, they dream of better places to live, making a big market for builders and investors
- Developing Infrastructure: Building strong infrastructure is like fuel for the growth of real estate. Better roads, new industrial areas, and improved facilities in and around cities make real estate investments more appealing.
In short, real estate in India is getting ready for a big change. More houses, better technology, and homes everyone can afford are on the horizon. The future of real estate is like putting together pieces of a puzzle to make our cities even better.
