The structural growth expected in housing over the next few quarters is likely to strengthen the real estate industry’s role towards the country’s economic prosperity. Deepak Parekh, chairman of Housing Development Finance Corporation, while speaking, was quoted as saying “It is not only pent-up demand that will push growth but the country is going through a structural transformation in housing demand. This is because of a combination of first-time homebuyers, and customers moving up the property ladder to shift to larger homes or acquiring a second home in another location, that is at play.”
According to India Brand Equity Foundation (IBEF) recent report, the real estate sector in India with present 6-7% contribution to the country’s GDP, is expected to reach a market size of $ 1 trillion by 2030 and contribute 13% to the country’s GDP by 2025. “It is not only pent-up demand that will push growth but the country is going through a structural transformation in housing demand. This is because of a combination of first-time homebuyers, and customers moving up the property ladder to shift to larger homes or acquiring a second home in another location, that is at play,” Parekh issued a statement at the One World One Realty Digital Summit 2021.
