Some key trends and factors that were influencing real estate growth in India
1. Urbanization: India's urban population was growing steadily, leading to increased demand for residential and commercial properties in cities and urban centers.
2. Affordable Housing: The Indian government had been promoting affordable housing schemes to cater to the needs of the burgeoning middle-class population. This initiative was expected to boost demand in the real estate sector.
3. Foreign Investment: Foreign investors were showing interest in the Indian real estate market due to potential opportunities and relaxed FDI (Foreign Direct Investment) policies.
4. Technology Adoption: The real estate sector was slowly embracing technology to streamline processes, enhance customer experiences, and offer innovative solutions.
5. Real Estate Regulatory Authority (RERA): The implementation of RERA had brought in transparency and accountability in the sector, which increased confidence among buyers and investors.
6. Co-Working Spaces: The rise of startups and the gig economy had driven the demand for co-working spaces, especially in major urban areas.
7. Infrastructure Development: The government's focus on improving infrastructure, such as roads, airports, and metro networks, positively impacted the real estate market in regions with enhanced connectivity.
8. Pandemic Impact: The COVID-19 pandemic in 2020 had initially disrupted the real estate sector, but it showed signs of recovery in 2021 as economic activities resumed.
It's essential to keep in mind that the real estate market is cyclical and can be influenced by unforeseen events and policy changes. For the most up-to-date information on real estate growth in India, it's recommended to consult recent reports, news sources, and industry experts.