I don’t think that architecture is only about shelter… It should be able to excite you, to calm you, to make you think.” – Zaha Hadid
Architecture and real estate go hand in hand and develop the edifice of modern urban civilization. Real estate survey the market, research that survey report and then according to their survey report, the architect designs the whole structure targeting the needs and demands of the customers. Real estate consists of building, renting, buying and selling properties both residential and commercial. Real estate has different sectors or categories, real estate rental, agency or brokerage. When someone is selling or buying any property, he needs to prepare few documents mentioning all the terms and conditions of the structure.
Changing trend in Real estate & Architecture: In recent years, real estate and Architecture is changing its trends. Earlier maximum number of structures was made for residential buildings, but now in recent years when all the workplaces are reopening recovering the thud of devastating pandemic, there is an emerging demand for commercial buildings. After recovering from a major strike of pandemic, the human learned the significance of nature and environment and shifted towards eco-friendly or environment friendly designs and elements which are soothing to eyes and safe and sustainable on Earth. Previously, people were blown away by the charismatic beauty of sky-scrappers but now people are drawn to the green architecture in buildings more.
Economic Aspect: The real estate and architecture industry recorded a market sale of about $1.72 billion (Rs 12,000 crore) in the year 2019 and it is estimated to grow till 65,000 crores by the year 2040. By 2030, India’s real estate and architectural business are predicted to have grown from $200 billion in 2021 to $1 trillion in 2030, accounting for almost 13percent of the country’s GDP. Indian firms are expected to raise Rs 3.5 trillion through just real estate investments and infrastructure in 2022.
Social Aspect: Today’s nation is smart and mostly depended on the science and technology for leading a simple, cozy, and comfortable life. At the same time, they have realized the idea of sustainable environment by generating a new generation with safe and contamination free environment, where they can breathe a moment of fresh air without thinking about the quality of air. People are springing over the new trends of sustainable, eco-friendly, and non-toxic concept of Architecture and interior design and paying even more for getting them. According to the global report, the investment in green architecture like rooftop gardens, park, small forest like structure in residential buildings is expected to grow from $606 billion to $978billion from 2022 to 2030. Green Architecture is infused with regenerative thinking which aims at repairing the damages which were made by nurturing the Mother Nature and safeguarding it from the deadly consequences of pollution.
Standard of Living: The inception of LPG model (Liberalization, Privatization Globalization) after the 20th century in the economy of India has improved the economic scenario of the country by improvising the standard of living of the mass of the country. The LPG model of development opened the door of export import business in India which directly affected on overall GDP growth of the country. Since then, the Human Development Index (HDI) is improving continuously. This index is measured on the basis of few parameters like income, expenditure, education, and health. In 1990, the HDI of India was 0.0387, during 1999-2000, it was 0.467, in 2007-08 0.554, in 2012 it increased by 18 percent from 2008, in 2014 it further increased at 5.77 percent and lastly in 2023 it stood at 0.508 which is very close to world’s HDI i.e., 0.465. With the increased value of HDI the quality and standard of living has improved, and alongside it is shedding a great effect on the business of real estate and architecture. Today the demand of residential building has skyrocketed because of ever increasing populations where the number of nuclear families is increasing and creating a large demand of houses in the urban areas of major metro cities.
"When the other sectors of industry surrendered to the deadly effects of pandemic, the real estate and construction industry pulled up the ailing economy to an unattainable height"
Future of Real Estate & Construction market: The Real estate and Architecture industry has recorded a growth of 1.72 billion dollars in 2021 and it will further reach to approximately 65000 crores by 2040. The business of this industry has grown $200 million to $1 trillion by 2030 covering approximately 13 percent of the GDP. According to the economic report of the industry, the prime residential markets of India have recorded the highest growth in the real estate sector in the first half of the FY2022-23. According to the economic and industry experts, the increased earning capacity has fostered the level of superiority in the standard of living and the lifestyles. The demand of premium luxury houses and commercial buildings like tech parks will witness a steady growth in coming 5 years. The investment in private property has witnessed an astounding progress which exhibited 71 percent of growth in the real estate sector. Besides, residential buildings, the investment and owning of co-working office spaces is expected to cross 50 million square feet which has recently clocked 38.25million square feet in top seven metro cities namely, Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune.
Conclusion: The wave of globalization has casted an overreaching effect on real estate and architecture market. The absorption and penetration of lucrative amount of FDI has boosted the growth to a large extent. After the major strike of pandemic, the economy of India was facing a downtrodden structure which needed a major boost to cope up with the world economy. The new platform of Real Estate Investment Trust, approved and certified by SEBI has given the sector a new wing to fly by encouraging new and budding investors to participate in the sector. Unequal distribution of wealth, inflation, increased rate of unemployment has surrounded the economy so dreadfully that India faced negative growth of -6.6 percent in FY2020-21. From there it witnessed a positive growth owing to its real estate and architecture industry which attracted a large number of investments from foreign lands by NRI’s and few MNCs which are being attracted by the skilled and cheap man forces of India.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
