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Indian Real Estate sector enroute to be the next biggest market

Discussion in 'Real estate Investment' started by glocalmspl, Aug 29, 2021.

  1. glocalmspl Member

    The real estate sector is the second-largest generator of employment in the country, making it a high priority for the government to invest in. Moreover, to boost home demand after the dip in consumer sentiment during lockdown, the government is offering home loans at a record low interest rate.

    This, combined with several positive demand generators, is encouraging more investors both domestic and international to bank on real estate growth. Let’s take a closer look at these demand generators.

    ● The persistent IT boom :

    IT continues to be the leading sector in India. Companies around the world outsource their IT divisions to India because of the high skill levels and low labour costs here. This has only grown over the last decade as more entrepreneurial talent and tech innovations have sprung up in the country. Estimates currently project a demand for over 66 million square feet of IT space over the next five years – making it highly likely that major global companies will pour money into building their own hubs.

    ● Home as a holistic personal space :

    Owning a home remains an aspirational goal for Indians everywhere. Plus, as the trend has shifted towards working from home, young professionals now view their homes as more than just places to sleep in. They seek more space and a greater sense of aesthetic to set up a home office for maximum productivity as well as a larger social space to bond with family or pursue leisure activities. This has boosted the demand for purchasing houses that professionals can customize as they please.

    ● Demand for smart homes :

    With disposable income going up and more people becoming enamored with tech solutions, it’s no surprise that AI and IoT are entering the home space as well. There is an increasing demand for smart homes with interconnected appliances, automatic security systems, AI-powered temperature controls and so on for a sleek, futuristic living space. Commercial ventures are also interested in smart properties to house their office teams, stores, warehouses and so on. From the developer’s end, too, a smart property is worth much more than a regular property, which is an incentive for them to invest in more automation.

    ● Digitally empowered real estate agents :

    Amidst the frequent lockdowns and health-related concerns of the Covid-19 pandemic, the traditional house-hunting model of customers visiting sites with real estate agents has taken a backseat. Agents have thus branched out into virtual house tours – often with elements of augmented reality – that allow homeowners to view properties and reach a decision without having to step out. In addition, AI-powered Software and cloud-based office set-ups makes it easier for agents to connect with the rest of the team wherever they are physically, allowing for a stronger sense of belonging and more efficient group discussions. Overall, agents can do their jobs more efficiently as their digital literacy improves, which enables more deal closures.

    In conclusion, while consumer demand did suffer during the pandemic, technological innovation and higher levels of investment have served to rejuvenate interest in property buying.

    As real estate grows, there is immense potential for not only industry-specific growth but also broader economic growth as auxiliary sectors are boosted through backward and forward linkages. We can thus expect to see interesting developments over the next few years.

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