Real estate is one of the most recognized sectors in the world, including hospitality, retail, housing and commercial, in particular, the growth of the corporate sector to complement the maximum demand for urban and semi-urban housing. In some key sectors, the construction industry is in an indirect and direct significant position
India was very much plagued by poverty till sometime before the 1980s, after independence, a very risk-free mentality has arisen among the people here. Even taking loans of a kind were against thinking far away. Debt was seen with a low vision and a sense of humor. The economy and markets here were working hard on savings, cash purchases and investment.
There was hardly any action in the real estate market before 1980, there was no need to take any kind of loan or loan to buy a house or property and used to buy house or land only after saving many years due to limited income.
After the beginning of the 1990, there were some changes in the Indian market, out of which India saw one of the share market (bull market) runs. Seeing the growth, the trust of investors also increased, so that the benefits in it were also revealed and started to realize that the real estate market is right and safe and they found a correct revenue where they could invest their money. The property market created a flood-like situation. And where the market was stable, the market was growing by 10% every year, although after a few years, the real estate market had to face a steep decline due to some reasons. More than 40% of this market had fallen
After that there was no significant increase in this market till 2000, but after 2000, information technology (IT) and IT enabled services (ITES) in India made a different place in the market at that time unemployed youth in India. Got a job and good salary
At the same time, Indians abandoned the old tradition, taking loans that were once considered exceptional became the norm, and Indians started borrowing to buy houses, so that millions of people who could not afford to buy their own home also had a purchase. The power was there, the bank also started lending to them, which again boosted the real estate market once again and people started taking risks in the market again, the annual prices also started increasing for a long time.
Real estate saw a big change in 2010 after 2010. Some big policies were created like GST and RERA which removed many obstacles. There was a lot of turmoil in Vimudikaran as well as increased transparency in the real estate sector in the market.
More attention has been paid to the demand for affordable housing for a few years now, as well as the real estate market in the country is ready for a long-term development.
2020 was a year of recovery in the real estate market of India, especially in the housing project segment. The Indian market has started to stabilize after three years of trade barriers due to changes like RERA, GST,and demonetization.