With the government’s continued focus on the Housing for All mission under PMAY, the housing demand is expected to remain positive, robust, and sustainable.
Of late, the real estate sector is seeing strong housing demand from prospective homebuyers. The demand is not confined only to the top cities but also transcending to the Tier II and Tier III cities of India. With the government’s continued focus on the Housing for All mission under PMAY, the housing demand is expected to remain positive, robust, and sustainable. Real estate experts share their knowledge on the residential and commercial real estate market of India.
Expressing his opinion, Deepak Anand, Co-founder and CEO of Housr, said, “Real estate sector is one the biggest contributors to the GDP of the country. As per a report released by the India Brand Equity Foundation (IBEF) real estate sector in India is expected to reach a market size of $1 trillion by 2030 and is expected to contribute close to 13% to the country’s GDP by 2025, and rentals in real estate also hold a significant portion in this.”
“The concept and the acceptance of co-living spaces offering affordable yet trendy accommodation with well-managed rooms, lively environment along with all the amenities under one roof are attracting the working professionals, corporates and new age brands,” adds Deepak.
Nakul Mathur, MD, Avanta India, says, “With strong lessons learnt from the pandemic, the companies have adapted and have prepared themselves to go on with the pandemic. More businesses have adjusted to the new normal and realising that the knee jerk action of completely working from home is turning out to be detrimental to their business.”
“Flexible office spaces are also picking up popularity amongst large and small corporates as they can get fully furnished ready to use offices which means no capital investment and make short term commitments, which keeps their business agile, giving them more capital and time to invest in the core business. Smaller towns have seen considerable growth in demand due to the acceptance of remote working; we see that this trend is here to stay. Remote working has been productive for certain job roles and is bringing savings to employers as real estate in smaller towns is cheaper than in urban areas,” Mathur added.
Avanta is a UK based serviced office company, and started operations in Delhi from Connaught place major landmark, statesman House in 2008.
Expressing firm belief in real estate as an investor’s favourite, Dr Atul Goel, MD, Goel Ganga Group and President (Elect.), NAREDCO Pune opines, “Despite the challenges posed by the COVID-19 pandemic, real estate remains one of the top favourites of investors looking for attractive returns on investment. The recent upsurge in housing demand is evident in the restoration of homebuyers’ confidence in the real estate sector of India.”
Expressing his positivity about the growth of the commercial realty segment, he opines, “Owing to strong fundamentals, the commercial segment bounced back from the challenges posed by the pandemic. The commercial segment is slowly but sustainably picking the pace and will outgrow the expectations in the near future.”