The real estate industry is one of the most prominent industries in the world. The growth of this industry is well complemented by the demand for accommodation in urban and semi-urban areas. India’s real estate industry is one of the largest employment-generating sectors after agriculture.
The market size estimates
According to forecasts, the Indian real estate market will grow from one twenty billion dollars in 2017 to one trillion by 2030, contributing thirteen per cent to the country’s GDP by 2025.
What are the reasons for the increase in real estate prices?
According to Credai, an increase in the price of building materials such as cement and steel contributes to an increase of ten to fifteen per cent in the price of real estate. In addition, lockdowns, curfews, and a shortage of workers have caused the cost of construction to increase anywhere from ten to fifteen per cent over the past eighteen months. Credai also reported that raw material prices have increased over the last year and do not appear to be falling or stabilizing at the moment. Therefore, developers may not be able to absorb rising costs and will pass the burden on to homebuyers.
The demand for spacious, safe homes is on the rise
The post-corona virus period will require builders to offer healthy lifestyle amenities as well as affordable homes. Developers have already adapted their upcoming projects to cater to the changing needs of homebuyers. A future customer won’t be content with quality living spaces inside four walls or a location that maximizes value. They will require wellness amenities, security, and entertainment options for enhancing the quality of life.
With the rising demand for large, green, hygienic communities close to amenities like healthcare, daily necessities, and everyday rejuvenation in the coming decade, developers with a strong track record of performance will benefit greatly. That’s why an upcoming gated community villa project in South Kolkata is offering comprehensive living, unique amenities, and strategic locations for people who wish to live in them.
Even though the property market is experiencing slow growth in 2020, 2021 and beyond will be a great time for both investors and consumers. Possibly, residential property prices will also rise. Furthermore, average property prices are expected to surge. In addition, since other investment opportunities are uncertain, both middle-class and high-profile buyers are likely to purchase residential properties such as luxury villas and bungalows in Kolkata and elsewhere. So what are you waiting for? Grab the best deal before the price goes up!