Taking India GDP 2019 and real estate GDP contribution India 2019 into account, it cannot return to 9% GDP growth rate if the real estate sector continues struggling. With the real estate sector in India hit hard by the coronavirus pandemic, Square Yards CEO Tanuj Shori, has talked how India GDP growth rate 2020 cannot come back to the projected 8.8% estimate of the Government. Analysis of India GDP growth rate last 10 years and even of India GDP growth rate last 20 years will demonstrate the vital role of the real estate business in India in this growth. In fact, the continued slump highlighted in the Indian real estate market report for 2020 will impact GNI per capita and the current Indian GDP which continues to be at lower levels.
The gross national income and GDP of India 2019 are indicators of how valuable the sector’s contribution is, for the health of the economy. Tanuj Shori made several insightful points at TechSparks 2020, talking about the gap between demand and supply in real estate, lower consumer spending and the need for more pro-active measures by the Government to revive real estate and hit its GDP targets.
Real Estate Market in India 2020
How Real Estate Industry is shaping up?
Talking of the post-pandemic future of real estate in India, Shori called the last 6 months completely soul crushing for any real estate company in India and smaller developers. He talked of how the Government needs to take measures for reviving demand along with cutting stamp duty costs and other indirect costs of property acquisition. However, Shori talked of how there is a little ray of hope in the slight revival seen in the residential real estate segment over the last few months.
According to him, over the last 2-3 months, recovery has intensified in the residential category where new projects have been selling out in a couple of weeks or so, something that only took place before the outbreak of the coronavirus pandemic. Commercial real estate has been affected much more according to Shori, with corporates scaling down expenditure, smaller firms bleeding further and lower demand. Yet, Shori highlighted how India was previously not an investor’s real estate market and this is changing now.
Investors and buyers are now looking at tapping better opportunities at considerably lower prices owing to the COVID-19 pandemic. As a result, residential realty may touch pre-COVID figures by the next quarter itself while recovery will be slower in the commercial real estate segment according to him.
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Published Date: 29 October 2020
