2023-08-20 / Sage Realty
The real estate market is growing at a faster pace in India. In the coming future real estate sector will continue to thrive. The Indian real estate sector is the third largest sector in India’s economy. According to the Indian Brand Equity Foundation analysis report Indian real estate sector will grow to Rs. 65,000 crore by 2040. By 2030 it is expected to reach $US 1 trillion and contribute to 13% to the country’s GDP by 2025.
Retail, hospitality, and commercial property demand is rapidly growing. Residential property sales reach the mark of Rs. 3.47 lakh crore in FY23.
Real Estate Market Return is at the peak in Share Market
Demand increases the growth in the real estate share market. The top 10 real estate companies' share market gives a return of 45% within one year despite the price hike in home loan rates and home sales prices.
According to the real estate consultancy firm Knight Frank report - “ In the year 2023 newly launched projects saw a rapid surge of home sales out of 1,73,364 houses 1,56,640 houses were sold. It is the highest sales in residential properties in those 9 years.
According to the JLL company head, Jerry Kingsley in the Indian housing market demand increases the supply of houses. Research analyst SKP Securities Vineet Agrawal said “Despite the expensive price of house sales Reserve Bank kept the interest rate unchanged, which inflate the demand in upcoming quarterly.
Retail Sectors Seeing an Upsurge in Demand in the Market
According to the CBRI South Asian property consultant, this year Jan-June retail leasing seen a growth of 24% and reach the price of 29 Cr square feet. Metro cities Delhi, Bengaluru and Ahmedabad contributed 65% to the growth of retail leasing.
Chief Mall Mechanic Sushil Dungarwal of Shopping Mall specialist company Beyond Squarefeet Advisory said that Retail specialists at the end year of the financial year 2022-23 retail space rent increases up to 15-20% because of the high demand in the retail sectors, especially fashion apparel, luxury, food beverages, and others.
Residential Properties Prices soar due to High Demand
Luxury house prices are rapidly growing in the market due to increasing demand. According to one of the property consultants Anarock 1.5 cr. luxury house prices have seen an average growth of 24%.
In India top metro cities Delhi, Chennai, and Mumbai luxury houses avg. prices have seen an upsurge of 15,350 Rs.per square feet. In alone Delhi luxurious houses prices are increasing up to Rs. 4,310 per square foot.
The market is seeing rapid growth in luxurious homes due to people's income is also increasing and they are choosing luxury, comfort, and next-level amenities for themselves. Bhopal Real Estate Sector is also following the Suit of Growth As the country’s overall real estate sector skyrocketed in the Indian economy, the Bhopal market is also following suit. In the festive months of June-July Bhopal is seeing more registration in residential and commercial properties sectors. This is due to the illegal colonies now legalized by the govt. So people are showing deep interest in the properties there. According to the registration department in the upcoming festival seasons Ganesh Chaturthi, and Deewali Bhopal's real estate market will going to see rapid growth. Last year June-July the registration department registered a total of 14,391 documents but this year it increases to 16,267. Bhopal Real estate market is also seeing growth as people tend to choose luxurious residential properties and show massive interest in retail stores.
Conclusion - Indian economy after a few setbacks due to war and other calamities now seeing rapid growth and real estate contribution is none less is remarkable due to the high demand for luxurious residential and commercial properties. As per say demand always upsurge the growth and the real estate market is under the canopy of the growth. Many Indian famous analysts predicted the bright future of the real estate market as per the increasing demand.
