Just like Food, Clothing and Healthcare, Real Estate is also a domain without which survival for anyone living on this planet would be next to impossible. Real Estate is the core necessity of all human beings. Thus, it is obvious that Real Estate greatly contributes to India’s GDP and employment.

Right from labourers to engineers and marketers, everyone is associated with the Real Estate field. Thus Real Estate is not only an employment venue for architects and engineers but it is a vital source of livelihood for an eclectic range of professionals belonging to other sectors as well. Moreover, the Real Estate sector has a large influence on the ancillary industries such as steel, cement, paints, furniture and other construction materials. 

So you can guess how much India’s Real Estate industry matters to the development of this nation.

According to references, the Real Estate industry in India presently contributes to 7℅ of India’s GDP. While it is expected to surge to 10% by 2025 and to 15.5% by 2047. Even today, whenever any person wants to invest his money in something that bears satisfactory returns, he chooses to invest in Real Estate.

In a nutshell, Real Estate is one of the most preferred platforms to invest and gain favourable capital appreciation. 

Apart from this, the Real Estate sector substantially adds to government revenue through several channels including stamp duty and registration fees on property dealings and many other charges levied by local authorities.

There are various factors that further help in driving growth in Real Estate and ultimately in GDP:

➤ Urbanisation and Infrastructural Development across the nation 

The government is taking multiple steps to make the infrastructure more advanced in India. So it is obvious that if the infrastructure is up-to-the-mark, people will naturally get attracted to nestle in the targeted cities. The demand for real estate in a particular region of a country is completely dependent on its infrastructure development. Infrastructure like transportation systems, utilities and public services enhance the value of real estate projects which ultimately doubles the sales and investments in those areas. 

➤ Government schemes 

Government schemes like Pradhan Mantri Awas Yojana (PMAY) and Housing For All are intended to supply affordable housing to all citizens of the country. The PMAY scheme offers financial assistance to people through interest subsidies and direct subsidies. The Housing for All scheme (PMAY Gramin) particularly focuses on the people belonging to rural areas. These schemes are massively boosting the demand for real estate all over the nation due to the speedy propagation of their benefits. 

➤ FDI (Foreign Direct Investment) policy 

FDI’s policy of allowing 100% Foreign Direct Investment in real estate projects has opened doors for many investors from abroad to invest in fruitful real estate projects in India. The influx of foreign investors has given rise to a noteworthy development in India’s residential and commercial real estate market. Until now, only a limited number of foreign investments were allowed to participate in the Indian Real Estate industry but this policy paved the way to more millions of foreign investments in India. 

➤ Government Policies 

Government policies like Real Estate Regulation and Development Act (RERA) and Goods and Services Tax are proving to be extremely beneficial for homebuyers as well as developers. RERA has made the registration for all agents and developers compulsory in India which guarantees complete transparency and protection for homebuyers. This provides live updates on registered projects and reduces frauds and delays. So, in all, RERA has built confidence in buyers and uplifted their trust in the real estate sector. 

Whereas, GST has consolidated multiple taxes into one unified tax system. This helps in wiping out the risk of frauds and providing clarity. GST has streamlined the taxation process and reduced costs for developers and buyers. Both RERA and GST have incredibly contributed to the growth of the real estate market in India by fostering transparency, protection and simplifying processes. 

➤ Smart City Mission 

The aim of the government initiative of the Smart City Mission is to develop 100 smart cities across the country. Smart cities attract a bulk of real estate investments by improving urban infrastructure, providing effective services and implementing smart governance mechanisms. The development of smart cities raises the demand for commercial real estate, contributes to the expansion of the residential real estate market and paves the way to public-private partnerships. The Smart City Mission makes a city convincing enough for buyers and investors to invest their capital in the real estate of that urban area. 

➤ Sustainable Growth Strategies 

People nowadays don’t just want luxury, they want “Sustainable Luxury”. With the increasing awareness of environmental issues, the public is demanding the integration of environment-friendly methods in the construction of buildings. By focusing on energy efficiency and abiding by the IGBC (Indian Green Building Council) norms, developers can create buildings that reduce carbon footprints and other hazardous impacts of rapid urbanization. The sustainable growth strategies not only target the long-term robustness of the real estate sector but also enhance its reputation and attract environment-conscious buyers and investors. 

And wait, do you know? 

Building homes in prominent areas of cities as developers also helps in skyrocketing the GDP of India. According to the Minister of Housing and Urban Affairs, cities in India are anticipated to contribute to more than 70% of the country’s GDP by 2030. Therefore, constructing homes in prominent locales of cities not only fulfills the housing needs and luxurious desires of millennials but also brings about economic growth and development in India. 

Venkatesh Buildcon always picks up prominent localities of Pune to create grandiose landmarks. Be it the Venkatesh Skydale beside Rajaram Bridge or Venkatesh Erandwane Central at Patwardhan Baug, Erandwane, ever since, your pleasure and satisfaction have been our most precious return on investment. 

These are the aspects that are expanding the scope of Real Estate in the nation. But now, let’s dig into the top 3 much-needed strategies for the healthy and sustainable growth of Real Estate.

↳ Adopting eco-friendly and sustainable construction methods 

By adopting green building practices such as using solar panels, choosing energy-efficient designs and using sustainable construction materials, the real estate industry can achieve two targets with one arrow. It can reduce carbon footprints as well as attract buyers and investors who share the same passion for environmental conservation. 

↳ Focusing on Affordable Housing 

The Indian mentality demands affordability. So it is very important to provide affordable, likeable and durable housing solutions to people for the growth of the real estate sector. By developing affordable housing solutions, developers can make their projects accessible to the masses. 

↳ Collaborating with the government for projects 

Partnering with government properties can benefit in numerous ways to the real estate industry. This can provide access to land, simplified legal procedures and also financial incentives. Developers and governments can together create well-planned and sustainable metropolitan areas that are advantageous to both the public and private sectors.

At Venkatesh Buildcon, we cherish a precise blend of sustainability and affordability that you will clearly identify in our iconic masterpieces. For us, taking your ship of dreams to the grand shore of reality is only our purpose. So, without any further delay, quickly head to Venkatesh Buildcon Ongoing Projects and bestow your life with a new phase of happiness and abundance.