Real Estate: Ways in Which the Industry is Expanding
Real estate is one of the country’s most significant industries. It is a major contributor to the GDP and has played a pivotal role in the development of the Indian economy. It is also the second largest employment-generating industry in India after agriculture, employing a significant section of the population. In fact, under the Pradhan Mantri Awas Yojana (Urban) Scheme, 1.12 crore houses will be developed specifically in the urban areas by 2022 and this will create approximately 1.2 crore jobs.
It is also projected that by 2025, the sector will contribute 13% to the country’s GDP. The success and growth of the sector are due to the innovative and professional approach of visionary real estate developers like Vinod Goenka. They have adapted to changing technologies and have provided customers with apartments and projects that comprise unique amenities, are well-constructed, meet all safety norms, and are at par with international standards. The real estate sector is in an ever-expanding mode, and here are a few ways it is growing.
Luxury projects
Developers are launching numerous luxury projects across the country to provide homebuyers with a comfortable lifestyle and world-class amenities. These projects are located in premium areas and comprise high-quality features like gyms, spas, clubhouses, lap pools, and lounging pools, sporting facilities, green spaces, rooftop decks, amongst others. Besides comfort, these luxury abodes also provide people with a healthy lifestyle. Developers like Vinod Goenka and others have created state-of-the-art projects that have given a new dimension to the luxury segment and changed Mumbai’s skyline.
Turning the suburbs into prime real estate destinations
The suburbs of many prominent cities, like Mumbai, Delhi, Chandigarh, etc., were once barren tracts or ordinary towns. However, the rising population encouraged developers to think beyond these cities. They started developing innovative ideas and projects and virtually changed these suburbs into prime real estate destinations. Gurgaon and Noida no longer play second fiddle to Delhi but have acquired their own standing. These cities have become a hub of employment and education and attract professionals and students from the rest of India. Similar is the case of suburbs in Mumbai. Goregaon has emerged as one of the city’s finest destinations. It has a well-developed infrastructure, is well-connected to Mumbai and other parts of Maharashtra, and is home to some of the finest residential and commercial projects. The houses here are spacious and surrounded by an abundance of green space, which is hard to find in metropolitan cities.
Companies like DB Realty have played a significant role in changing Goregaon’s prospects with their flagship project.
Conclusion
The real estate industry is witnessing significant changes for the better. Thanks to Vinod Kumar Goenka, insignificant areas have become premium real estate destinations, enhancing the homeowners’ lifestyle. These developers have been instrumental in giving a new dimension to the luxury segment by bringing in new features and amenities that one could only dream of. Today apartments and commercial buildings in India are at par or even better than those in the US and western nations. The Indian real estate sector’s future seems bright and will only continue to expand.