Indian real estate industry thrives with infrastructure developments and growing demand

The country traces its history while exploring and improving future prospects of the industry

The real estate industry in India has a long and diverse history, dating back to ancient times when land was highly valued. Throughout different periods discussed by The Times of India, such as the Mughal era and British colonial rule, construction projects and urban development shaped the industry. 

After independence, the government implemented public housing projects, constructed residential colonies for government employees, and introduced land reforms to address housing shortages and redistribute land. Urban planning, infrastructure development, and the emergence of private players further influenced the industry. The liberalisation of the economy attracted foreign investment, while initiatives like affordable housing schemes and digitization transformed the sector. 

The introduction of the Real Estate Regulatory Authority (RERA) and the impact of the COVID-19 pandemic are recent developments that have impacted the industry. Despite challenges, the Indian real estate industry continues to grow and adapt with new technologies and regulations.

Related: Brick by brick: Mumbai and Delhi NCR lay the foundation for India’s real estate revolution

According to Business Today, the residential real estate market in India is expected to experience healthy growth in 2023, driven by infrastructure developments and increased demand for homes. Niranjan Hiranandani, Founder & MD of Hiranandani Group, predicts a growth rate of over 10 percent for the residential market, citing robust demand despite interest rate hikes and price inflation. 

In 2022, residential property sales reached the highest level since 2014, with 308,940 units sold, representing a 50 percent increase from the previous year. The top seven cities saw a 42 percent surge in new project launches, and this trend is expected to continue in 2023. 

The real estate market in Mumbai, supported by ongoing infrastructure projects such as the metro, is anticipated to experience significant growth, opening up new micro-markets and boosting real estate development. The completion of metro lines is improving connectivity and reducing travel time, contributing to the emergence of new areas within Mumbai.

The Property Report editors wrote this article. For more information, email: [email protected].