The technological advancements in every sector around the world have elevated the standards across. While the automobile companies are busy designing the best cars in the world, there are the other industries like real estate touching higher frontiers on the quality front.
The modernization process, use of better quality of materials for construction and taking care of the interior and exterior furnishings, all these factors play a great role in the real estate business. The changes around the globe drive the business of real estates and property, as it drives several other sectors as well. The economic factors have been acting as the highest contributor in driving the real estates and property ventures in India. The changing global scenario has impacted the economic development of the nations all over the world. India is one of the developing nations whose economy is dependent on one of the sectors that are real estate and construction sectors. If today the pipeline industry or cement industry is hit by the recession, it would also impact the construction industry. This would lead to increase in the cost of the property. India is a land where the industries are investing in the commercial, residential and retail ventures. Yes, the changing global scenario, cost factors, and industrialization impact the economy of India.
The real estate sector is driven by a number of factors such as foreign direct investment, household investment, raw materials, etc. The industrialization process has been driving the real estate business, and any downfall in the process can bring down the estates or rather elevate the cost of the property. Every process is similar to the process of the food chain that we studied in the school. It is an advanced version of the vicious cycle of life, where one sector is linked to another, and another goes on linked to some other sector. There is a loss in one sector and the other sectors also have to bear the consequences. It is a chain reaction where inflation of one country affects the other. The global scenario of the real estate business has affected the business in Indian land to a great extent. There is a demand for sustained growth, urbanization, expansion of service industries to support, tax savings to help the Indian real estate business to flourish with the upcoming hardships of the global real estate market. The commercial estate business has increased with a boom in India, as there are more foreign companies who are hiring and venturing into the Indian market. However, the hardship doesn’t end here in India. There are a lot of challenges lying underneath the real estate business in a developing economy like India. Here, we require large-scale urbanization to help in the contribution towards increasing productivity across. One of the other challenges is a household investment that is done by a hand full of the Indian population, where they preserve their gold and build up strong savings. Therefore, to embark a stand in the real estate India has to eradicate the challenges associated.