In the past few years, the pace of residential real estate market in India has picked up pace. From improvement in the quality of construction to on time delivery of the projects, the real estate sector in India is poised to witness further growth in the coming years. Here are a few must-know facts about the residential real estate market in India:
1. According to a report by the Bain & Company, the Indian residential real estate market has immense potentials. The real estate demand of the nation stands at about 880 million square feet. The report predicts that the real estate market will grow at a pace of 9% annually and is likely to reach 1.35 billion square feet by the year 2020. Out of this, the residential real estate market is expected to drive 85% of the total demand.
2. This growth in the real estate market in India is primarily driven by the growing urbanization and increasing affordability of the people, better macroeconomic conditions, and greater access to credit and also due to the shift of unorganized real estate construction to an organized development. In case you are looking for real estate developers in Kolkata, get in touch with us at Unimarkgroup.com.
3. By the first half of 2016, sales began to pick up in key cities such as Mumbai, Bangalore, and Hyderabad.
4. In the coming years, the residential real estate segment is predicted to grow. This growth is particularly driven by government initiatives such as the “Pradhan Mantri Awaas Yojana.” This scheme plans to provide affordable housing to slum dwellers and everyone who, till now, find it difficult to afford a house for themselves. By 2017, this scheme is expected to construct homes across 100 cities in India. This scheme will boost the Indian economy till 2022 when the project is complete. Under the “Pradhan Mantri Awaas Yojana” One of the upcoming project of Unimark Group named sportscity near Barasat falls under this scheme. The amenities of the project are outdoor fitness area, as separate space for Yoga and recreational activities, separate Volleyball courts and much more. For more details, visit http://www.unimarkgroup.com/unimark-sports-city.html
5. In the first quarter of 2016, the number of residential apartments sold across India outpaced the number of units launched during the same time. It exceeded the number of new launches by about 10,000 units.
6. According to a report by CBRE, in the coming years, the millennials are projected to drive the real estate market. The millennial see real estate as a sound investment opportunity. About 82% of the millennial aspire to invest in property in the future.
Hopefully, these points will give your an overview of the residential real estate market in India. For any real estate related queries, contact us at http://www.unimarkgroup.com/contact-us . We are one of the leading real estate companies in Kolkata.