By Heena Sehrawat,
The value of properties in any given region is recognised to be significantly influenced by infrastructure, which is a major economic engine in any given nation. Property values in locations with poor physical infrastructure are lower than in places with good physical infrastructure because of the lack of road, rail, or air connectivity to those areas. Infrastructure is not just limited to connection, albeit it is a requirement before other types of public facilities may be developed.
Real estate demand and price are directly correlated with the distance from places with employment opportunities, industrialization, and public amenities.
As per reports, the real estate market is estimated to grow to Rs. 65,000 crores by 2040 from Rs. 12,000 crores in 2019. Isn’t it incredible to see such growth rates despite the pandemic, that hit almost all other sectors in a way that it will take years to make up for the losses? It, however, took more than two decades and several policies for the sector to pave its way to becoming one of the most prominent sectors of the Indian Economy. 1990 was a golden year for the real estate industry when companies and MNCs were allowed to establish themselves in India. Mumbai became the financial capital of India and real estate boomed. Cities like Delhi, Chennai, and Kolkata became the centre of development in the realty space. Due to ascending industrialisation in the country, demands for spaces in these cities up roared and the prices rocketed. Smaller industries started moving to peripheral cities like Navi Mumbai, Panvel, Noida, Gurgaon etc.
Due to urbanization, the demand for commercial and residential real estate accelerated. This led the businesses to grow to fulfil smaller needs of individuals by making personalised properties in form of houses and other residential real estate properties. With an increase in their purchasing capacity, people started making investments for their future. It became prevalent and thus realtors started feeding the new and enhanced desires of the Indian population.
Today, the realty space has advanced to a whole another level. The business has enrooted itself not just in famous cities but also in smaller towns. The need for real estate development in smaller towns became widespread. The pandemic made one thing very clear for people that they needed a safe space they could call their own. The need for apartments and houses outside of cities was robust during the pandemic. The pandemic also created newer opportunities in form of storage units and data centres. Houses in form of villas that had incorporated work spaces became a huge hit because of the current work from home scenario. International designs began being adopted and Indian realtors saw the need to bring international models into existence for the Indian buyers.
Technological advancement has also changed the face of the realty business in India to a noticeable extent. With advanced and smart gadgets flooding our lives, the real estate sector amalgamated itself with technology to fit in with the current trends. The shift in lifestyle triggered prospects of smart homes and spaces with technologies like CCTV, auto-lock security systems, smart alarms, facial recognition-based security, and more. With digitalisation, real estate sector also moved online making it more convenient for the buyers and investors to find what they desire. Buying real estate became just a click away with multiple options available online to compare with without any hassle.
The realty sector in India has come a long way since its onset. It is scenic to observe the development the sector has witnessed. Even after the pandemic, which cost our nation a lot, the real estate business stands as the best investment option. The trends and needs of the market may have shifted but it has never ceased to exit. With influxes of demands and technology, the potential of real estate in India is enormous.
(The author is Founder & CEO, The Heena Realty Makers. Views expressed are personal and do not reflect the official position or policy of Financialexpress.com)