India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
The minister also hoped that a resolution should be reached before the year ends and asserted that the Modi government is committed to address all genuine concerns of the farming community.
Launches of new homes reduced drastically this year.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
Developers, big or small, faced huge liquidity crunch as both end-users and investors shied away from the market.
Hurt by the establishment's statements that have the potential to dampen demand, the country's largest real estate player DLF Ltd asked the government on Friday to rather focus on augmenting supply and cutting interest rates to further boost growth.
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