The Residential Real Estate Transactions market in India is experiencing significant growth due to various factors.
Customer preferences: Customers in India have a strong preference for investing in residential real estate. This is driven by the cultural belief that owning a home is a symbol of stability and success. Additionally, residential properties are seen as a safe investment option, providing a steady source of rental income and potential capital appreciation.
Trends in the market: One of the key trends in the Indian residential real estate market is the increasing demand for affordable housing. With a growing population and urbanization, there is a need for housing options that are affordable for the middle and lower-income segments. Developers are focusing on creating affordable housing projects to cater to this demand. Another trend in the market is the rise of smart homes. With advancements in technology, customers are looking for homes that are equipped with smart features such as home automation systems, energy-efficient appliances, and security systems. Developers are incorporating these features into their projects to attract buyers who value convenience and technology.
Local special circumstances: India has a large young population, with a significant portion of the population belonging to the millennial generation. This demographic group has different preferences and priorities compared to previous generations. They are more inclined towards urban living, prefer modern amenities, and are open to renting rather than buying a property. Developers are adapting to these preferences by focusing on creating residential projects in urban areas with modern amenities and offering rental options.
Underlying macroeconomic factors: The Indian economy has been growing steadily, which has positively impacted the residential real estate market. Increasing income levels, favorable government policies, and ease of financing options have made it easier for individuals to invest in residential properties. Additionally, the government's initiatives such as "Housing for All" and "Smart Cities Mission" have provided a boost to the real estate sector. In conclusion, the Residential Real Estate Transactions market in India is witnessing growth due to customer preferences for residential properties, trends such as affordable housing and smart homes, local special circumstances like the preferences of the young population, and underlying macroeconomic factors such as economic growth and government initiatives. These factors are driving the development and expansion of the residential real estate market in India.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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