The latest report by IMARC Group, titled “India Real Estate Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the India real estate market is expected to grow at a CAGR of 9.2% during 2023-2028. Real estate refers to property that consists of buildings, land, and agricultural lands, such as farms, orchards, ranches, and timberland. It generally includes vacant land, undeveloped property, and housing for individuals and families, such as apartments, condominiums, townhouses, single-family homes, and other living arrangements. It also involves industrial, residential, and commercial properties, such as office buildings, parking lots, medical centers, hotels, shopping malls, individual stores, and industrial buildings employed for mechanical production, research, and development (R&D) activities, manufacturing, construction, transportation, logistics, and warehousing. Nowadays, investment in the real estate sector is increasing across India due to high return on investment (ROI) and associated tax benefits.
India Real Estate Market Trends:
The market is primarily driven by the escalating demand for residential properties due to rapid urbanization and inflating disposable incomes of individuals. In India, the real estate industry is one of the highest employment generators after the agriculture sector, attributed to increasing construction activities and rapid industrialization. Moreover, the implementation of various initiatives undertaken by the government of India, such as the smart city project, which is a plan to build 100 smart cities, service tax exemption, interest subsidy for home buyers, and Dividend Distribution Tax (DDT) exemption to encourage development in the sector, represent another major growth-inducing factor. Apart from this, the expanding e-commerce sector in the country is augmenting the demand for warehousing facilities, creating a positive market outlook. Additionally, the increasing usage of telecommunication services and the growing penetration of 5G and data localization norms resulted in the need for data storage facilities. This, in turn, is influencing the demand for resilient data center infrastructure, which is consequently propelling the market growth. Furthermore, the rising number of nuclear families, the surging need for contemporary office spaces, and easy availability of home loans are creating a positive market outlook across the country.
- Based on the property, the market has been classified into residential, commercial, industrial, and land.
- On the basis of the business, the market has been bifurcated into sales and rental.
- Based on the mode, the market has been segregated into online and offline.
- On the geographical front, the market has been segmented into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined, along with detailed profiles of the key players operating in the industry.
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