Real Estate Sector May Show Growth 5 Times Than Today Value
According to a survey by CREDAI, builders who are struggling with the increase in construction cost and labor shortage in the coming times, may soon increase the prices by up to 10 percent.
New Delhi. Due to the continuous growth in the real estate sector, the Indian real estate market is expected to be one thousand billion dollars by the year 2030. According to experts, in the coming time, the number of people working in this sector can also increase to seven crores. In the year 2019, this number was 5.5 crore. Although there was a slight decline in this sector last year due to corona infection and lockdown, but after the opening of the lockdown, it has picked up again.
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It is noteworthy that the market is growing in view of the ever-increasing demand for property and the reforms being made by the government in this sector for the last several years. Along with this, the Model Rent Act passed by the Union Cabinet in June this year has also been recommended to the State Governments to implement it at the earliest.
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Property will also be expensive in the coming time
According to a survey by the country’s largest developers organization CREDAI, builders facing the increase in construction cost and labor shortage may soon increase the prices by up to 10 percent. There has also been a tremendous increase in the prices of cement and steel during the last year.
Two to three years ago there was a 200 billion dollar market
According to the data, two to three years ago, the market of the real estate sector was about $ 200 billion. By 2030, this sector will touch one thousand billion mark. Given the trend of the market right now, it may take seven to eight years, but it will definitely happen.
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