The Indian real estate sector is vying for, a trillion-dollar economic. New paradigms in post-RERA scenario is meant to ensure that the real estate industry does flourish. Ground realities which play a major role in shaping a trillion dollar real estate economy also need to be factored. With this colossal transformation, real estate sector’s contribution to GDP is expected to go up from 7% at present to 13% with growth. A Post RERA scenario & slashes in GST taxes, in fact ensure that this is bound to happen to the real estate sector. Ground realities in fact will play a big role in shaping a trillion dollar economy for the real estate industry.
Real Estate Development is Important
Real estate development is a globally important parameter for measuring economic growth. The growth potential is huge when you look at the demands for homes in India. The Indian real estate engine is all set to power the economy into the ‘big league’ while ancillary industries will enhance job creation opportunities. The Real estate sector is next in line after agriculture & manufacturing having the potential to reach the trillion dollar figure. Eventually this will boost the third-largest global economy. Moreover, this growth will not just be driven by huge demand for homes, but also by new emerging asset classes within the property development sector.
Ease of Flow Post RERA
The transparent regulatory environment post-RERA has powered the economy, brought in taxation reforms & rise in the ranks of Ease of Doing Business (EODB) ensuring a smooth flow. Infrastructure growth is also opening up peripheral areas for growth by creating satellite cities. These new growth centers of real estate are driven by intra-nation immigration. Development of infrastructure works now is phenomenal. This will eventually power growth of the Indian economy & create new opportunities for real estate.
Private Equity Investments in Indian Real Estate
Private equity investments from all around the world have now improved. Economic ground rules, proactive reforms & use of technology in the real estate sector have boosted property development. Property asset segments like affordable housing, rental housing, co-working spaces & warehousing realty are fast gaining traction. Another aspect of real estate powering the economy is creating jobs alongside achieving the trillion dollar target. Real estate sector in India is the third largest employer that is employing over 50 million people at present.
Initial Days of Regulatory Environment
Initial days when the regulatory environment was first introduced, the real estate sector in India went through a phase of transition. The story now is about the enhanced growth potential. We are now seeing the real estate sector post higher numbers alongside evolving & adopting best global practices. What was then traditionally an unorganized sector now has become more organized & transparent. It offers a safe & a secure environment for both property developers & investors in real estate projects. It is now ideal for investment & is set to drive growth.
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