by Harish Fabiani, Group Chairman, IndiaLand Properties
Real estate plays a crucial role in the economic growth of India and is also considered one of the strongest pillars of the nation. According to the reports, this sector stands in second place in offering the highest employment, and by 2030 this sector is expected to touch the market size of US$ 1 trillion. Additionally, it will also contribute 13% to the country’s GDP, making it stronger globally. To make real estate a more reliable and attractive sector for investors and home buyers, different state governments are launching various schemes to make it easier to own property, also with the new emerging trends and new-age technologies, real estate is in the way of advanced transformation. However, as appealing as it sounds, it is important for everyone to understand that it will not only bring new opportunities but will also bring new challenges and opportunities that are needed to talk about.
For the past few years, India has been encouraging green building initiatives across real estate, fulfilling the modern demands for everyone's needs. According to Resurgent India and NAREDCO reports, the green building market in India is set to reach $39 billion by 2025. In 2023 alone, India's office real estate market saw an 83% growth in green office stock compared to 2016, as shared by KPMG India and Colliers. On the other hand, after the pandemic, there has been a significant rise in the demand for luxury homes. According to the ANAROCK data, from FY22 to August of FY24, the Indian real estate sector was able to break more than 99 ultra-luxury residential deals worth around Rs. 8,069 crores. Simultaneously, a major part of the population is now prioritizing sustainability with comfortability, making them shift towards green building.
Innovation in Technology
As we move into 2025, there will be many factors that will offer new opportunities in the real estate sector, especially advanced innovation in artificial intelligence. Trends such as virtual reality, augmented reality, and the Internet of Things will offer vast possibilities for development in this particular sector, making the lives of people comfortable. Additionally, with the help of AI technologies, it will make the whole realty business transparent between the seller and the buyer, ensuring efficiency and easy transactions.
2025 is full of opportunities and challenges for the real estate sector, but to avail of the opportunities at the right time, individuals have to stay informed about the innovations and be adaptive to those changes. However, this is only possible with the help of the government’s as well as people’s initiatives towards sustainability and will help in mitigating all the challenges for the development of real estate. With the help of new technologies, this sector will become one of the most appealing and attractive sectors for investors as well as buyers, contributing to the country’s economy.
