Brick by brick: Mumbai and Delhi NCR lay the foundation for India’s real estate revolution
The dynamic cities establish a firm footing for exponential growth, attracting investors with their thriving market prospects
The Indian real estate market is currently experiencing a notable upswing, with Mumbai and Delhi NCR leading the way in driving growth and attracting substantial investments. A report from Business Today revealed that India is set to achieve double-digit growth in 2023, with the Mumbai real estate market poised for a major boost. High-end buyers are fueling the surge in demand, resulting in a sharp rise in the sale of luxury apartments.
Factors such as favourable government policies, improved infrastructure, and increasing investor confidence have contributed to Mumbai’s robust real estate market. Similarly, Hindustan Times reported that the property sector in Delhi NCR is projected to witness exponential growth this year. This region’s strategic location, infrastructure development, and evolving business landscape have made it an attractive investment hub.
Sangeet Hemant Kumar, the founder and CEO of SHK Global Ventures and a respected member of the PropertyGuru Asia Property Awards (India) judging panel, emphasizes the immense growth potential of the industry. He states, “The real estate sector will reach USD1 trillion in market size by 2030, up from USD200 billion in 2021, and contribute 13 percent to the country’s GDP by 2025.”
The corporatisation of the Indian real estate industry has significantly increased the confidence of Non-Resident Indians (NRIs) in investing in the country, as highlighted by a report in Livemint. The implementation of the Real Estate Regulation and Development Act (RERA), which came into effect in 2017 according to Kumar, has brought more transparency and structure to the industry, boosting buyers’ and investors’ confidence.
“The emergence of nuclear families, rapid urbanisation, and rising household income are the key drivers for growth in all spheres of real estate,” he added.
This is what drove the major residential developers to reign supreme at the recent PropertyGuru Asia Property Awards (India) 2022, namely Casagrand Builder Pvt. Ltd. (Best Lifestyle Developer), Embassy REIT (Best Operational Office Portfolio), and Piramal Realty (Best Condo Development – India for Piramal Aranya).
Related: Max Estates’ Sahil Vachani receives first India Real Estate Personality of the Year award
Technological advancements, such as Augmented Reality (AR) and Virtual Reality (VR), have also played a crucial role in attracting NRIs to invest in the Indian real estate market. NRIs can now explore properties online and make informed decisions from anywhere in the world. “The presence of real estate developers in cities with a large Indian population gives NRIs direct access to developers’ offices, further facilitating their investment decisions,” noted Kumar.
The positive outlook for the Indian real estate market, driven by Mumbai and Delhi NCR, continues to attract investors and stakeholders. The projected growth, changing demographics, rising incomes, and improved legislative environment contribute to the industry’s promising future. As the market evolves and adapts to new technologies and regulations, the Indian real estate sector remains an appealing destination for both domestic and international investors.
Witnessed any award-worthy residential, commercial, or industrial projects in India? Nominate them for the 4th annual PropertyGuru Asia Property Awards (India) on or before 15 September 2023.
Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: [email protected]
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