According to RBSA Advisors, India’s real estate market will increase at a CAGR of 15% from $60 billion in 2010 to $1,000 billion by 2030, accounting for 13% of the nation’s GDP by 2025. By 2023, it is anticipated that the organised retail real estate sector will grow by 28% to 82 million square feet. According to “The Outlook of the Real Estate Sector in India,” as the economy continues to recover from the epidemic, the Indian real estate market is exhibiting significant signs of recovery.
“Despite the slight increase in the prices and a marginal hike in home loan interest rates the real estate sector has been thriving on positive buyers’ sentiments,” Ansh Batra, Director, Buniyad Group said.
According to the survey, there is a significant demand for property across all price ranges in Delhi-NCR. The overall improvement in connectivity—both road and metro—has boosted real estate in the NCR, according to Sanjay Sharma, director of SKA Group. “The construction of Jewar Airport has acted as a major catalyst. These have enabled the developers to announce new projects farther away from the city and for the buyers it has significantly cut down their commuting time. Besides, since these are newly launched projects, they offer benefits of superior construction and better much improved facilities,” he said.
The sentiments are equally positive in the commercial segment. Large retailers are growing and seeking for new locations. New initiatives are being introduced. The pandemic-related delays to projects have moved closer to completion. The office and retail real estate sectors of commercial real estate are booming. According to the research, demand for shops with offices has also increased significantly, and commercial property prices are rising favourably.
“In fact, it has been estimated that on average commercial properties comprising both offices and retail spaces can post returns anywhere between six to nine percent,” Ajendra Singh, VP, Sales & Marketing, Spectrum Metro, said.
A Knight Frank report states that 25 million square feet were leased between January and June of this year, which represents an increase of 107% from the previous year. With 7.7 million square feet and 4.1 million square feet, respectively, of these purchases, Bengaluru and NCR have taken the lead.
An interesting aspect of the post-pandemic realty scene has been the surge in luxury apartments, plots, villas and independent floors.
Positive estimates are made for the Indian retail market, which is anticipated to grow to between $1.1 trillion and $1.3 trillion by 2025, according to the report. It had a value of $0.7 trillion in 2019–20, translating into a Compounded Annual Growth Rate (CAGR) of 9–11%.
The Indian retail sector is being driven by sociodemographic and economic growth factors like urbanisation, income growth, and an increase in nuclear households.
By 2023, it is anticipated that the organised retail real estate sector will grow by 28% to 82 million square feet.
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