What factors lead to growth in real estate industry

Our country is currently earning 8% GDP from real estate industry. The total revenue earned from real estate services in 2018 was approximately $180 billion. In 2025, the total GDP expected from real estate projects is around $650 billion. Our country is expected to earn $1 trillion after 5 years as the real estate industry is rapidly flourishing. Nearly millions of Indians are employed directly or indirectly in the real estate industry and are contributing to the growth.

But during the 2^nd wave of COVID 19, the real estate industry did not earn the expected margin. If the real estate industry in India is not earning higher profitability or is undergoing loss, then the GDP rate of our nation gradually dips.

In our country, many homes are yet Snot sold due to pandemic situation. The people are not willing to buy new properties after the lockdown situation due to financial crises. So, the real estate developers are utmost worried about the sale of their properties. Although, the daily Covid cases in our country are diminishing, the buyers are still not urged to buy properties. The economy of our country is just recovering.

If the real estate industry in India should prosper, then they should collaboratively with the governmental bodies. They should focus some important points for recovery and achieve their economic goals.

Factor of adaptability

They should adapt to the modern technologies to enhance customer relationship.  Today, many people are still unwilling to personally the builders or brokers as the pandemic situation is not successfully dissolved. So, building their app, they can provide comprehensive information about their industry. They can update information using online portals. So, the government should assist the real estate realtors, brokers or builders to use modern technologies. They should provide concession to the real estate industry in buying such modern equipments providing other incentives also. When the real estate brokers or builders are using modern electronic devices, then the procedure of buying or selling of a real estate is simplified. The buyers can visit the construction sites online and also view the images of the properties. The builders can provide comprehensive information about the properties online. The buyers can use modern payment methods online and safely make payment whilst buying the property. The builders can also perform online marketing campaign to increase sales.

The real estate industry should interact with the governmental bodies to resolve the existing problems. They should devise newer strategies to fulfill the expectations of the buyers. They should understand the current needs of the buyers and also re-design strategies to provide better customer services. The real estate builders should make proper market segmentation based upon factors such as geographical locations, age, occupation, etc. Some builders are categorizing the customers according to the type of homes they prefer to live. Some people prefer to live in independent homes; some people want to buy plots. Some people cannot afford to buy expensive homes and hence they require affordable homes.

Providing reliefs and concessions

The government cannot boost the real estate industry merely providing loan to the real estate industries. The process of loan reformation is not greatly contributing to real estate development. They should not only assist the builders but also provide financial assistance to banks. Yet, they can directly boost the real estate industry providing rebates for stamp duties. The government can also provide IT reliefs or concessions to the builders.  In states such as Karnataka and Maharashtra they are providing support to the builders via rebates in stamp duties.

Flexibility

The builders, buyers and sellers should collectively follow flexibility approach. They should focus upon continual development in the real estate industry. They can implement different adaption measures to improve customer services and promote sales. So, the reliefs and concessions can increase productivity of the builders. A number of new infrastructural developments have infused hope and a fresh lease of life into the Dwarka Expressway real estate market

Every person in our country requires a home. The real estate industry can prosper gradually as the infrastructure is boosted; job opportunities are enhanced; economy is recovered and improved urbanization rate. The government and the real estate governing bodies should also provide support to the real estate industry.  Here you can find Best Residential project, Ultra luxury Project, Ready to Move and Commercial Projects on Dwarka Expressway