A significant shift in the buyers’ sentiment is marking a new beginning for the real estate sector. Owing to the massive growth trajectory witnessed in the last decade, cities like Pune, Bengaluru, Hyderabad, Delhi, among others are setting a new precedent for the emerging realty hotspots to follow suit.
However, the changing dynamics are ensuring the resurgence of captive markets all along, says Radhikha Garg, Director Rajdarbar Group. On the other hand, smart cities are attracting the affluent with a number of initiatives launched by the government. The future of real estate seems bright with both commercial and residential properties gaining traction.
The government’s Sagarmala and Bharatmala projects are offering the much needed cushion, improving infrastructure, including logistics, motorways, roads, etc. As a result, an economic corridor is emerging in cities like Kochi, Agra, Kota, Nagpur, Pune, Indore, Vizag, etc. Such developments are directly benefiting the real estate sector.
Having said that, the contribution of real estate sector in the nation’s economy is vital and popular residential destinations, along with advanced commercial spaces are only adding to the advantage. Although Covid-19 pandemic impacted the confidence of real estate developers and consultants for a while, the sector was quick to bounce back.
The initial phase of the pandemic made things difficult for the real estate, but learned industry players turned around the Covid situation in their favour, says Radhikha Garg, Director Rajdarbar Group. Real-estate companies have focused on selling off their stalled projects. It has resulted in a massive surge with respect to the investments. A number of companies are looking to launch new projects in the later part of this year.
The progress of commercial and residential real estate is further enhancing the healthcare, education, and hospitality sectors. At this juncture, investing in real estate can be a beneficial option in the long run.