India Residential Real Estate Market: Unveiling Competition, Size, and Robust Growth Prospects Throu
Author : Kumar Satyam | Published On : 04 Apr 2024
The residential real estate sector in India is poised for steady growth, driven by factors such as globalization, changing consumer preferences, and the digital transformation of the industry. The TechSci Research report titled "India Residential Real Estate Market By Type, Category, Mode, Region, Company Forecast & Opportunities, FY2027" provides valuable insights into the market dynamics and growth prospects. This comprehensive analysis delves into the various factors shaping the residential real estate landscape in India.
Impact of Globalization and Consumer Preferences:
The rise in globalization has influenced consumer preferences, leading to a shift towards improved living standards. As consumers become more informed, there is an increasing demand for residential properties that offer modern amenities and infrastructure. The growing number of upcoming construction projects across the country reflects this trend, as developers strive to meet the evolving needs of homebuyers. Additionally, the digitalization of the real estate sector has enhanced transparency and efficiency, further fueling market growth.
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Impact of COVID-19 on the Residential Real Estate Market:
The COVID-19 pandemic had a profound impact on the residential real estate market in India. The nationwide lockdown imposed to curb the spread of the virus resulted in disruptions to business activities and a decline in consumer spending. However, the adoption of online channels for property transactions and payments emerged as a silver lining amidst the crisis. As people embraced digital platforms to avoid physical interactions, online sales and transactions in the real estate sector witnessed a surge. This shift towards online channels is expected to continue driving growth in the residential real estate market in the post-pandemic era.
Market Segmentation and Growth Drivers:
- Type Segmentation:
- New Construction vs. Resale: The new construction segment is expected to witness significant growth in the forecast period. The proliferation of upcoming construction projects, coupled with financial support from institutions and market players, will fuel market growth.
- Category Segmentation:
- Flats & Apartments, Individual Houses, Condominiums, Townhouses, Others: Flats & apartments are poised to dominate the market due to their affordability and availability in well-developed societies. Builders offering additional amenities such as security and maintenance services are attracting consumers to invest in flats and apartments.
Competitive Landscape and Key Players:
Leading players in the India residential real estate market include Sunteck Realty Ltd., Omaxe Ltd., Godrej Properties Ltd., Phoenix Mills Ltd., Oberoi Realty Ltd., Brigade Enterprises Ltd., NBCC India Ltd., Prestige Estates Projects Ltd., Indiabulls Real Estate Ltd., and DLF Ltd. These companies are focusing on research and development to introduce technologically advanced offerings that cater to evolving customer demands for efficiency and durability.
Benefits of the Research Report:
- Comprehensive Market Insights: The TechSci Research report offers in-depth insights into India's residential real estate market, including segmentation by type, category, mode, and region, facilitating a holistic understanding of market dynamics.
- Strategic Decision Making: Stakeholders can leverage the research findings to make informed strategic decisions regarding investments, project developments, and marketing strategies in the residential real estate sector.
- Market Expansion Opportunities: By identifying emerging trends and growth drivers, companies can capitalize on market expansion opportunities and gain a competitive edge in the residential real estate market.
- Competitive Analysis: The report provides a detailed analysis of key players, their market share, and strategies, enabling market players to benchmark their performance and identify areas for improvement.
The residential real estate market in India presents significant growth opportunities driven by factors such as globalization, digitalization, and changing consumer preferences. Despite challenges posed by the COVID-19 pandemic, the market is poised for steady growth, fueled by the adoption of online channels and the proliferation of new construction projects. By embracing technological advancements and catering to evolving consumer needs, stakeholders can unlock the full potential of India's residential real estate market and contribute to the nation's economic growth and development.
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“The government of India has launched several initiatives such as Atmanirbhar Bharat 3.0 and has allocated the Affordable Housing Fund to making housing schemes available and affordable for every citizen of the country. Developers are increasing the transparency in their systems to attract foreign investments to ensure the development of the residential sector. The upcoming project of the development of the 100 Smart cities for the up gradation of the urban infrastructure in India is expected to propel the demand of residential real estate market till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Residential Real Estate Market By Type (New Construction, and Resale) By Category (Flats & Apartments, Individual Houses or Private Dwellings, Condominium, Townhouses, and Others) By Mode (Online & Offline), By Region, Company Forecast & Opportunities, FY2027” has evaluated the future growth potential of India residential real estate market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India residential real estate market.
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