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The Status Of Real Estate Market India

Housing is one of the most essential and basic requirements of every
human being. Be it a rich person or a poor, everyone needs a roof over
their head. Owning a home is also a dream for many people and for
some it is a good opportunity for investment. The real estate sector
offers its services to the people to fulfill their dream of having their own
home. In India, the requirement for new homes is on the rise as the
population is increasing day by day and everyone is seeking a home for
themselves.

The real estate is also one of the largest industries in India which is not
only providing home and offices to the people but also employing a
huge workforce. Plenty of commercial projects and retail sector is also
influenced by the growth of the real estate industry. According to
research conducted by the IBEF, the total workforce will grow by 30%
over the next decade. It means that real estate will be the second
largest employer right after the agriculture sector.

However, there are lot challenges that the real estate sector is facing
and it has witnessed some decline due to the demonetization, Real Estate
Regulatory bill, GST and changes in the FDI policy of the government.
This is why the real estate market has undergone a period of slowdown
which was having a negative impact on the revenue generation in the
real estate market.

Though, after these setbacks which the real estate market has seen, the
situation is slowly on the verge of improvement. The real estate price
which was on a sharp decline has now reached at a bottom level and
stabilized. People who were thinking that the real estate market will go
on further decline has understood that it now back on its feet and
making its way into the buyer’s market.

There is a prediction that the real estate sector in India will grow by
USD 180 billion by 2020. It is expected that the housing sector alone

will contribute around 11 percent to India’s GDP by 2020. The market
size is expected to increase by 11.2% in the period of FY 2008 to 2020.
Along with the real estate sector the retail, hospitality, and commercial
real estate sectors are growing considerably which will give a great
impetus to the infrastructure in India.

The government is also coming up with projects that will give a further
boost to this sector. It has come with the ‘Smart City Project’ where
there is a plan to develop around 100 smart cities in the country. It will
be one of the prime opportunities for the real estate sector to grow.
Also, the allocation of the special economic zones and easy loan
facilities for house purchasing is also adding help in the growth of real
estate sector. Affordable housing scheme is one such initiative to give a
helping hand for the real estate sector to regain its lost glory. To sum
up, the industry might have been struggling for some time in the past,
but it is coming back again with a bang.

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