Real estate is the backbone of Indian economy and is the second largest employer in the country after agriculture. The sector is expected to reach $1 trillion by 2030. By 2025, it will contribute 13% to the country’s GDP. The sector is a horizontal sector and grows on the back of every other sector. It is deeply interlinked to as many as 220 allied sectors.
According to VCCEdge, the real estate sector in CY2020 has received the highest funding of $5.08 billion in the last 5 years on a Y-o-Y basis. The sector has received a total of $15.68 billion from 2016-2020.
The real estate sector has drawn a major attention from the government in the year 2020 as the sector hit the worst due to pandemic. The government announced a slew of measures to revive the sector such as extension of registration and completion date of real estate projects under RERA by six months using the force majeure clause, increasing liquidity in the system by the infusion of INR 30,000 crore to NBFCs and HFCs and lowering interest rates etc. The government also reduced the stamp duty on affordable housing projects, reduced TDS on sale of property etc. to boost the housing demand.
The year 2020 also saw acceleration in the digital adoption in real estate. The pandemic has forced the real estate developers and property brokers to adopt digital adoptions such as online viewing & transaction, digital launch, virtual property show & exhibition, gamification, online reputation management, etc. This trend is expected to continue and grow in coming years.
To map out the investment and business opportunity in the sector, deliberate on the regulatory norms and what needs to be done, and discuss the emerging themes in the sector, VCCircle is organizing its third edition of the Real Estate Summit 2021.
Real Estate Summit 2021 will gather leading developers, financial corporations, investment funds, think-thanks, and cutting-edge tech companies to discuss the changes in the face of this crisis and get prepared for new chapters in the India real estate sector.