By Shravan Gupta.
Mumbai: India is on the brink of progression. To a great extent, this has been aided by the real estate sector. The housing segment in the Indian market is on the verge of upheaval.
Gone are the days when buying a house was considered a luxury. Today this isn’t the case as millennials and youth’s preferred choice is home investment. Real estate has risen tremendously in 2023 and is projected to remain till 2024. There are many factors responsible for elevated growth levels in the sector.
It can be divided into two categories government initiatives and the changing trends. The Government is taking a keen interest in the housing sector. There are several schemes to boost sales in the urban as well as the rural sector. Amongst these, the most prominent is PM Awas yojana.
This scheme is developed for the urban population and targets people Economically from the weaker section to the High middle-income group. This scheme is being implemented all over India with great fervour. PM Awas yojana holds immense benefits for buyers like:
- Most buildings are made with high-quality construction materials under the PM Awas yojana. Shravan Gupta, MGF Group is appreciative of this initiative.
- The credit-linked subsidy scheme is another such scheme to promote housing development. However, it mostly benefits first-time women buyers. It is a good way to
promote women’s empowerment.
Some other trends that have boosted the housing segment are equally beneficial. And have played a key role in drawing customers. Some experts like Shravan Gupta, MGF Group feel this will uplift the mood in the market.
- Disposable income- Today people have income and are looking for a platform to yield good returns. The market volatility may draw investors towards real estate. Buying a house is an ideal way to make your money earn. The house prices will always rise and yield higher returns in the long run. Hence, it can be considered a safe investment.
- Premature retirement- This is another trend that has boosted the housing sector. When a person invests in a property the profit margin will rise. It is a good way to safeguard your investment and live a healthy life. Another way to look at it is the rise of disposable income has eased the path to retirement.
Such a situation wouldn’t have been possible before the mass urbanisation and job availability. These trends are going to be the ultimate gamechanger and boost house sales in 2023. Some feel this trend is likely to continue till the end of 2024.