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As India marches on its path to becoming a world power, one sector that has emerged as a key driver of growth and employment is the real estate industry. The dynamic sector, after the agricultural sector, maintains its position as the second highest employment generator in the country, contributing around 11% to gross value added (GVA) growth since 2011-12. I am. Furthermore, beyond brick-and-mortar, the market size of the real estate sector is expected to reach US$1 trillion by 2030. This accounts for her 18-20% of India’s GDP and acts as a catalyst to push the country’s economy to new heights. .
At this year’s national appointment ceremony for the Federation of Indian Real Estate Developers Associations, Commerce and Industry Minister Piyush Goyal acknowledged the role of real estate in India’s growth story and highlighted its contribution as a large-scale employment provider. As real estate contributes significantly to India’s GDP, it is essential to delve into the overall impact of the industry and explore how it has become the linchpin of economic development.
The scope of the real estate industry extends to more than 270 related industries whose survival depends on their growth and prosperity
Promoting economic growth and employment:
With huge labor demand and extensive value chains, real estate plays a vital role in empowering large workforces and driving economic growth. This field requires a wide variety of skills and expertise, including construction, architecture, engineering, project management, sales, marketing, and property management. Conservatively, he estimates that as of 2022, nearly 70 million Indians are employed in the real estate sector, and with industrialization and digital advances, the sector is most likely to grow further. Masu. Job opportunities such as real estate agents, consulting companies, business development, sales, and marketing will attract attention.
Infrastructure requirements:
Budget 2023 has focused on infrastructure growth, with direct investment in this sector amounting to nearly Rs 10 million. Real estate developers play a vital role in the construction of critical infrastructure such as public transport networks, power plants, data centers and above all urban development. By collaborating with public bodies and urban planners, they offer their expertise to develop sustainable solutions that meet the evolving needs of a growing population.
Furthermore, real estate is a key driver in the development of residential and commercial spaces that form the backbone of cities.
Supply chain ecosystem support:
The impact of the real estate industry is not limited to the direct jobs it creates. Its reach extends to more than 270 related industries that depend on it for their growth and prosperity. Major supplier industries such as steel, cement, timber, and construction materials are thriving due to the demand generated by real estate development.
Expanding horizons of FDI: Government liberalization policies and regulatory reforms (repo rate unchanged at 4%, low mortgage rates, Affordable Housing Fund (AHF), etc.) have created an environment in which it is easier for international investors to explore opportunities in the Indian real estate market. has been done.
Road ahead:
With some predictions that its size will reach 1 trillion by 2030, this sector will become an even more important contributor to national economies. To realize its full potential, the industry must leverage technological advances, adopt sustainable practices, and adapt to changing market dynamics. By embracing innovation and responding to evolving consumer needs, the real estate industry can navigate the challenges of the future while leveraging the vast opportunities ahead.
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