The Landscape of the Real Estate Sector in India in 2022
Ever wondered where the real estate sector of India stands today compared to any top real estate company in Bangalore or other advanced places? It has undergone so many changes in the last few years that it is nowhere close to what it was before. A few examples would be the introduction of GST, the demonetization move, and RERA, not to mention the massive shift of assets as a result of the fallout of the COVID-19 pandemic. Needless to say, since the industry has faced such a multitude of reforms, scenarios, and corrective measures, it has undergone a kind of evolution unlike any other. Even if we take that under consideration, it was a pleasant surprise to watch how the realty space reacted to the aforementioned changes.
A Deeper Look
When you consider an industry that was devoid of structure, not organized, and inherently broken, you would be taken pleasantly aback by how it is overflowing with solutions that are ingenious to an unexpected degree, practices that are efficient by a big margin, and concepts that are inherently fresh. By the beginning of 2022, one can say with reinforced conviction that the landscape of the real estate sector has blossomed with a completely new face. The changes that are currently the talk of the field have resulted in constructing an atmosphere where investors feel more secure in stashing their capital in assets belonging to real estate. On the other hand, if you peer a bit deeper into the context, you will notice a deep-rooted disjunction that all of the sectors suffer from. The market of real estate in India holds itself back by offering contradicting views to its stakeholders.
To take an example of the progress, in 2021, around 51.5 billion USD was invested in FDI. But even though the figure seems alluring, there still exists a multitude of large-scale and budding developers who run into walls when acquiring capital for planned projects. One could simply take inspiration from residential projects in Bangalore. Yet another instance is public opinion, which suggests that the ownership of property is not an investment that will turn out to be profitable in the long run, the reason being the return or rental yield not turning out to be as promising as expected. But despite this view floating around in circles, millions of individuals are undeterred from the dream of purchasing a house, no matter their city of residence or class of income. So you see, if real estate was not an investment that was rewarding in its own right, so many would not have thought of using their life’s savings to buy property.
The Graph Looks to be on the Rise Even Though There Are Hurdles
Hurdles have always existed, and will continue existing as time flows by, but taking inspiration from residential projects in Bangalore, the real estate industry in India simply keeps growing. In this constant flow of evolution, the issues are gradually going down in number while solutions that are dynamic are replacing outdated patterns. In today’s market, both builders and developers are putting their trust in technology and fresh ideas to generate futuristic plans, designs, and models. An example that is becoming increasingly popular would be the style of construction that makes a given space seem open and bigger than it actually is. Ideas such as co-living, living space for students, and data centres among others are gradually moving under the spotlight. Builders have already started searching for cost-efficient methods of building properties so as to make the prices inherently competitive. The industry all around is further working tooth and nail to achieve the goal of affordable housing.
The Real Estate Industry Keeps Attracting the Spotlight
The real estate industry has undergone the implementation of various bodies, regulations, and framework, an example of which is RERA, the Real Estate Regulatory Authority. The singular goal of the initiative was to provide transparency in the purchase experience of whoever wanted to buy property. It was initially established to facilitate a smooth registry of grievances and their appropriate amendments. The main goal of RERA is to emphasise on the encouragement of security and encourage the aforementioned transparency. Both the central government and the numerous state governments have given the green light to launch various projects to focus on the betterment in the methods transactions take place in the realty market.
Taking a page out of how any top real estate company in Bangalore works, the governments are taking active steps toward boosting the completion of both delayed and stalled projects. But the fact remains that in big cities such as New Delhi, Bengaluru, and Mumbai, the market price of properties are sky-high. As a result, both developers and builders struggle to avail the benefits they should be entitled to. The real estate sector may not the best there is, but it has always shown a potential for evolution.
