Is India’s Real Estate Market Booming? 339.3% Increase in Apartment Demand Says Yes!
The Indian real estate market has exploded in the last few years, with many analysts suggesting it’s one of the hottest on the planet right now. Demand has risen as more and more people flock to India’s rapidly growing cities, especially young professionals who are flocking to India’s technology hubs like Bangalore and Hyderabad. But what exactly is driving this? A new report from Prop Equity shows that demand for apartments in India has increased by 339% over the last three years, outpacing even the growth in population! Let’s take a look at the numbers and see why this might be happening!
Which cities have seen the highest growth?
In terms of cities with the highest growth, Bangalore construction has seen a 357% increase in apartment demand, while Mumbai was close behind at 318%. Delhi and Hyderabad have experienced similar booms. It seems like the Indian real estate market is finally picking up steam after a few years of uncertainty and economic struggles. It’ll be interesting to see how this trend plays out for interior design trends as well. Hopefully things will only continue to improve from here on out for Indian homeowners and business owners alike!
What led to this change?
India’s construction industry has been booming for a few years now, and this is reflected in the real estate market with massive increases in apartment demand. Construction companies are at the heart of this growth, as they hire laborers for on-site labor and materials suppliers for raw materials needed to complete projects on time.
What does this mean for buyers?
The exterior and interior design of these apartments is going to be modern with the use of the latest construction technologies, making it a must-see for people looking to invest in apartments, but also for those who are looking to buy an apartment. As this sector grows, so does the demand for materials like granite and marble which are used extensively within these projects. There will be more demand on civil contractors, plumbers, electricians and designers as well as interior designers and architects.
What should you look out for when buying an apartment today?
Construction on new apartments and commercial buildings is booming across the country as more people enter the housing market, but there are a few things to consider before you buy one:
1) Do you have enough money for a down payment? 2) What are your monthly living expenses like and how much can you afford to pay per month? 3) How long will it take to pay off your mortgage if you’re financing your home purchase with a bank loan or other type of mortgage loan?
Should you consider buying property overseas instead?
India has seen an unprecedented economic boom over the last two decades and with this comes a huge demand for real estate, which is being fueled by the needs of many Indian families who are looking to invest their wealth in property overseas. The Bangalore construction sector has been especially booming, with a 339.3% increase in demand for apartments which is fueling rapid growth and development of residential areas all over the city. Construction companies are also seeing an increase in profit margins due to increasing demand for their services both locally and abroad.