Budget 2024 Expectations: In February 2018, the central government granted infrastructure status to affordable housing, allowing the segment to avail the associated benefits such as lower borrowing rates, tax concessions and increased flow of foreign and private capital.
Housing demand in India is projected to grow more than threefold and reach 93 million units by 2036, driven by robust demand and supply in tier-II and -III cities. This growth is fueled by the rapidly growing Indian population and economy, improved purchasing power of home buyers, and the inclination to buy bigger houses. The government s plans for smart cities and increasing commercial activity in emerging regions will further drive real estate growth in these markets. The real estate sector is expected to play a significant role in India s journey towards becoming the third-largest economy in the world by 2030.
In the wake of the pandemic, experts say that the residential real estate sector saw renewed demand from institutional investors, despite economic global headwinds. The pandemic became a game changer to shift homebuyers sentiments towards the Indian housing sector.