The Indian real estate and construction industry is an integral part of the economy and is responsible for a considerable part of its development. Commercial realty is a must for the success of residential realty. Indian real estate developers are betting high on commercial realty after the announcement of ‘Housing for All’ program by the government. The President of CREDIA has said that there is no point in creating homes for all if people cannot afford to buy one. To make them buy one we need to provide employment with better scales and better environment.
There is a direct relation between the demand and supply in residential and commercial real estate. If there is a big residential settlement in a region then supply for commercial space in demand and vice versa. If a huge residential township or settlement is coming up, you need commercial space and hence the commercial boom will be in sync with it. Commercial real estate plays the part of completing the real estate outlook of a destination, which is important for the performance of the sector and gives a boost to the economy of the country. On account of better returns, FDI inflow and enhanced chances of employment, the commercial realty is turning out as a landscape for Indian developers.
Since commercial realty is a must for residential realty, Indian developers are betting high on commercial realty after the government’s announcement of ‘Housing for All’ program. According to some big, renowned construction houses, a commercial real estate is recognized as a more professional work of construction, as it requires better architectural designs, construction, location, connectivity, schemes etc. Commercial real estate has seen a boom and developers are coming up with some outstanding projects which offer to enhance the lifestyle of the user.
With a lot of foreign investors taking an avid interest in the real estate sector of India and the government going lax on the formalities making investment process simpler and accessible for its project ‘Housing for All’, the commercial realty is also being benefitted. Real Estate has been one of prime contributors to the GDP of India and also an employment generating sector. Providing homes is an important aspect but providing employment also fulfills three basic needs of self-esteem, social need and self-actualization. Providing commercial space will always be an integral part of a developing society and should be kept in sync with housing development.
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