The dominant role of the real estate sector in the country’s economic prosperity is well known and structural growth in housing construction projected in the coming quarters should further cement this position.
Recently, at the “One World One Realty Digital Summit 2021”, Deepak Parekh, President of Housing Development Finance Corporation, was quoted as saying that not only is pent-up demand driving growth but the country is undergoing a structural shift in demand for residential real estate. This is due to a combination of first-time buyers and customers climbing the ladder of the property to move into bigger homes or buy a second home elsewhere, which is at stake.
The annual growth in house prices in the same direction as wage rise is very important and movement in that direction will prove crucial to the growth of the country. The increase in house prices and a healthy real estate market are keys to creating middle class wealth, which in turn is vital to economic growth.