Real estate is one of the most profitable and globally recognized sectors in the world. India is the second largest populous country after China, and it is expected to overtake it by 2030. India has exhibited a historic economic transition and pushed its GDP to a great extent. The Indian Real estate is vast and unique and it makes distinct in the global scenario. Besides, the primary players like developers, buyers, sellers, real estate agents, landlords, and tenants, the sector also supports more than 200 ancillary industries like steel, cement, timber, brick, and so on.
Real estate sector is the 2nd highest employment generator, besides, the primary players like developers, buyers, sellers, real estate agents, landlords, and tenants. The sector also supports more than two hundred ancillary industries like steel, cement, timber, brick, and more. It is expected that this sector will incur more non-resident Indian (NRI) investment, both in the short term and the long term. With startups growing prominently in India, Real estate sector is not far left behind where a lot of B2B and B2C startups have started working alongside the real-estate sector.
Your wisest investment starts with buying a land, and ends with constructing grand, spacious and magnificent Mansion which fill your life with delight without unsettling the ecological balance of nature
Impact of Digitization
The Indian real estate is witnessing a paradigm shift after the soft blending of digitization with it. The Sudden thrash of Pandemic has fostered the pace of digitization in every sector of the industry. The recent encounter of numerous online portals and property listing platforms has boosted the interest of buyers and sellers due to its transparency.
Previously, real estate agents, builders, or developers used to grab extra pennies dishonestly, but now in this digital world, it is nearly impossible. Therefore, digitization has boosted the real estate sector and now property related document verification also can be done online.
Proptech is redefining the real estate landscape by implementing virtual reality property viewings and IoT-based smart building management. These technologies and tools not only streamline operations but also significantly reduce costs, boosting the sector's profitability and appeal. The budget 2023-24 says, Proptech is playing the key economic driver working beyond driving operational efficiencies. These platforms not only bridge the gap between agents and homebuyers, but navigate them towards verified and expertise real estate service provider, guide them which will be suitable for their budget and location.
"The rapid advancements in technology have not only impacted developers, civil engineers, and contractors but also lenders, accountants, marketing managers, and, most importantly, home buyers. This digital transformation has made all stakeholders in the real estate sector more adaptable to change and customer-centric." - Sanjay Choudhary, Founder & CEO, Incuspaze
Current Trends of Real Estate
The rapid development of science and technology not only impacted the developers and civil engineers but it affected the home buyers profoundly as well. According to a report by Mordor Intelligence, India's real estate industry is estimated to be worth $265.2 billion in 2023, projected to reach $828.75 billion by 2028, growing at a CAGR of 25.6%. Real estate has come a long way becoming increasingly digitalized, thanks to technology. The use of AR, VR, and 3D technology enabled the professionals to present properties in a more impactful manner.
Artificial Intelligence has been used in various designing tools such as Adobe Illustrator, Sidewalk Labs, IKEA Place has transformed the foundation of architecture and interior design.
Keeping in mind the effect of pollution which real estate and construction of urban spaces has bestowed, engineers and architects are very much inclined to include biophilic structures in their design, which is sustainable and eco-friendly.
As per report of ICRA, Indian firms were expected to raise more than Rs.3.5 trillion (US$ 48 billion) through infrastructure and real estate investment trusts in 2022, as compared with raised funds worth US$ 29 billion to date.
The emergence of private developers and talented architects has led to the development of new real estate segments, such as luxury housing and commercial real estate.
"Modern home buyers seek more than just brick-and-mortar structures; they desire homes equipped with modern amenities, broadband connectivity, 24-hour security, community centers, green spaces, and more. As technology evolves, home buyers' preferences will also change, and these cutting-edge tools empower developers to understand and adapt to these evolving demands, staying relevant in a dynamic market." – Dhruv Agarwala, CEO, Housing.com, PropTiger.com & Makaan.com.
With the concept of modern homes, the top-notch modern offices are also being designed and built with all the top-notch amenities. The co-working culture is gaining extensive popularity and is expected to continue growing, offering fresh prospects for the real estate sector.
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