Business
Is Real-Estate a solution to the economic crunch in India?
Real-estate is unarguably the second-largest employment generator in India. The first one being the agriculture sector. However, given the current scenario, it is soon going to see a rise.
Investment in commercial or residential properties is gaining preferences amongst millennials over rental spaces.
According to industry experts, the real-estate sector alone will be contributing 13% to the Indian GDP by 2025.
Amidst the chaos of nationwide lockdown, the ancillary industries have suffered huge losses. These losses occurred due to projects being hauled and the stoppage in demand for raw material and labour.
However, with the advancements in the stalled projects these industries are booming too. The government regulators and NARDECO have asked the developers to kick-start their work and finish the projects within the new proposed deadlines.
This will create direct and indirect employment.
Millennials earlier invested in commercial rental spaces in Gurugram making it a market leader. New attempts to shift the paradigm towards Noida are being made continuously. The young working professionals are now looking out for spaces with low investment and high returns and the Noida real-estate market fulfills their demand.
There are millions of spaces that are waiting to see the daylight and were struggling to meet the interested investors. With COVID-19 creating a vacuum in the economy, everyone understood the need for sound investments and financial securities.
The new infused trend is technology-enabled companies. Our sector was already using technologies like Drone, 3-D animation, smart construction, etc.
The employment generation was always steady and even during this pandemic when the majority of the industries are focusing on squeezing the size of their employees and cutting out their salaries, the realty sector is creating employment.
Having said that, we are leveraging emerging technologies and reducing the labor-based task.
Everybody in this millennium is trying to invoke the Walk-to-Work concept to save their time and money along with a focus on their health. The narrow-downing a property or space becomes easy when it has great connectivity to public transport, especially metros. Amenities like schools, hospitals, railways, and airports adds to the value of the property.
A majority of the IT companies are now loooking for settling in Noida due to low rentals, and which are going to reap long term benefits. Announcements like JEWAR airport, construction of the biggest Film City, etc have upgraded the chances of real-estate to bounce back as a great asset to the Indian economy.
With every nation trying to safeguard its economy and generating employment for the nationals, there are soaring high chances of NRIs coming back to their soil.
This again creates a loop for employment generations and investment opportunities.
There is positive anticipation for a boom, and as history speaks, every recession gave golden years to the real-estate sector.
Vocal-for-local can prove as an advantageous step as it has generated sentiments of consumers to invest in credible Indian Brands.
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