20 Real Estate Facts That You Never Knew
The real estate segment in India is an ever-evolving and intriguing space. Whether you are looking to buy a house or office for personal use or as an investment, it is important to stay abreast of some important aspects of the sector. In this article, we will share 20 interesting real estate facts that you should know.
01: Online searches
In India, the internet is the most preferred medium of searching for a real estate property. With India being the second-largest online market in the world, around half of the total real estate transactions in the country are done online.
02: Employment generating sector
After the agriculture sector, the Indian real estate sector is the second-highest employment generating sector in the country. According to the Indian Brand Equity Foundation, the real estate sector in India is expected to touch USD1 trillion by 2030 and contribute more than 13% to the country’s GDP.
03: Robust Demand
By 2025, the demand for real estate in India is expected to increase by around 15-18 million square feet.
04: Government Initiatives in the residential sector
Under the Pradhan Mantri Awas Yojana (PMAY) Scheme, the central government plans to build around 20 million affordable houses in urban areas across the country by 2022.
05: Private Sector Investment
There has been a marked increase in private investments in real estate over the last couple of years. Apart from favorable government policies, investors are trying to leverage opportunities offered by attractive valuations due to the pandemic. In the first half of FY21, private equity investments in Indian real estate touched USD2.9 billion. This was twice the investments in the first half of 2020.
06: Post-pandemic trends
There are various positive real estate trends expected in India like an increase in demand for affordable housing, preference for large and secure homes, an increase in demand for homes in Tier 2 & 3 cities, and the continued demand for ready-to-move-in homes.
07: Millions of households
There are around 300 million households in India. This number itself is more than the population of several countries in the world. It also means that the country needs at least 300 million houses for them.
08: Vacant houses
There are around 11 million vacant houses in India where there is already a shortage of houses.
09: The most expensive private residential home in the world
India is home to the most expensive private residential home in the world. Antilia, owned by Mukesh Ambani, is a 27-storey building worth around USD1 billion. It is the tallest independent residence in the country and is designed to withstand earthquakes of up to 8.0 magnitudes on the Richter scale.
10: Expensive commercial real estate market
Connaught Place in New Delhi ranks among the top 15 costliest commercial real estate markets in the world. The occupancy costs are around USD111 per square foot per year.
11: The LEED space
India ranks third in the world for having around 12 million square meters of LEED-certified space. LEED stands for Leadership in Energy and Environmental Design which is a standard for green building rating system.
12: The OC
When the assigned government agency deems a project fit for occupancy, it issues an Occupancy Certificate or OC. As a potential buyer, this document is necessary to get bank loans or apply for electricity or water connections.
13: The impact of the pandemic
During the pandemic, the Indian real estate sector was not recording any transactions since the entire country was under lockdown. While the segment has staged a recovery since then, there is still a long way to go.
14: Real Estate is a growing sector
Over the last decade, the Indian real estate sector has grown at a CAGR of around 11%.
15: One of the fastest-constructed buildings in the world is in India
In 2012, a ten-storey building was constructed by 200 workers in merely 48 hours. This is to date the fastest ever completed building in the country and ranks among one of the fastest in the world.
16: Brass Doorknobs
When you are decorating your house, try to use brass doorknobs instead of wood or glass ones. The ions in brass are known to kill viruses, fungi, and various other germs and hence disinfect themselves.
Real Estate Investment Trusts or REITs are evolving as alternative investment avenues for people wanting to invest in real estate without buying a property.
18: The house with edible floors
The Mattancherry Palace in Kochi, also known as the ‘Dutch palace’ has edible floors! While the floor looks like black marble, it is made using burnt coconut shells and various edible ingredients like egg whites, lime, jaggery, and juices.
19: The RERA-Age
From the time the Real Estate Regulatory Act (RERA) was brought into force in 2016, the real estate sector in India has become more structured and regulated. It put an end to malpractices and loopholes and offered a secure ecosystem to buyers.
20: Tax benefits to home buyers
The Indian tax authorities offer a range of benefits to home buyers.
Apart from the ever-growing real estate landscape in major metropolitan cities, there has been a considerable rise in the development of state-of-the-art residential and commercial spaces in cities like Pune. BramhaCorp is leading this development with projects like BramhaCorp Smart and The Collection in the residential segment, and BramhaCorp Business Park, Boulevard Towers, and Vantage Tower in the commercial segment.