“Real estate could become a major wealth creator in the coming decades.”
The real estate sector is second highest employment generator in India. The sector is interlinked to 250 allied sectors. The sector is expected to account for 13% of the nation’s economy by 2025.
There are several structural reforms from the government such as GST, PMAY and RERA has added liquidity in the banking sector has boosted the confidence of the people in real estate sector. The sector has posed a tough challenge with the imposition of the nation-wide lockdown. Although with the initiatives from the RBI and government, the sector had slowly witnessed the recovery by the end of year 2020.
“There was a major revival in the residential sector in 2020-21 despite the pandemic last year. Real estate prices are at an all-time low and affordability is at a high. Buyers understood the importance of a well-designed home. Currently, it’s a huge crisis and at an alarming level. There will be a disruption in the June quarter, but the long-term outlook is healthy,”
Mohit Malhotra, managing director and CEO, Godrej Properties Ltd.
The positive sentiment pervaded the economy, and GDP grew in a V-shaped pattern. The government has been implementing a series of initiatives to help the sector and the economy as a whole recover in recent months. The business community is now optimistic about growth and a recovery.
Kishan Thakkar is working as a writer for the real estate and architecture industry. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management and handling operations for The Real Talks platform. He has a penchant for research, analysis, and understanding various fields. Discipline is the key to balance his diversified interest and work routine.