Why real estate sector grows faster in urban areas
Let’s start the topic with the fact that the land is limited on this planet. It cannot be stretched or expanded further. The home is the primary need for everyone who is born on this beautiful planet. If I talk in Indian context then the population is no way under control and it requires huge numbers of residential property to house countrymen. People are heading towards urban life because all the modern facilities are available in the cities.
Urban areas have been always centre of learning, business, innovation and development. People have been migrating from villages to cities in search of jobs, education and healthcare needs. Although, India is known to be the country of villages but today we can see a whole lot of people are migrating to urban areas for the betterment of their life. Urban areas offer better jobs, career opportunities, International schools, Professional and technical education, business opportunities and better hospitals. All these things attract people to settle in cities which generate more and more housing needs. It subsequently helps real estate to grow.
Rising Nuclear family
There was a time when a whole lot of people from a family used to live together in the same home. Now the circumstances are completely changed. The nuclear family has replaced the concept of joint family in India. People want freedom and love to live their life the way they want. Every single person is in search of their privacy and wants their own space to live life freely. This rising concept of the nuclear family generates huge demand of residential property. Since India is an overpopulated country, so the demand will always exceeds supply in real estate sector, resulting growth in the sector.
Commercial Real estate
With 1.35 billion people, India is home to the second-largest populated country in the world. This is the only reason all the multinational companies are setting up their offices in India. It gives opportunity to real estate sector to develop large number of office space in the country.
Due to the easy availability of a large number of skilled and low-priced employees more businesses are coming to India. India is a hub for many multinational IT and Non-IT companies. After covid-19 pandemic, most of the countries are opposing china and looking to set up their production house in India. This is going to open the door of the huge growth in the real estate market.