Paradigm shifts in geo-politics reshaping Indian real estate

financialexpress.com:

The year 2023 has been marked by major global economic shocks such as the Russian-Ukraine war, NATO tension, stressed US-China relations, energy and food crisis, cyber-attacks, and climate risk. These shocks have led to significant geo-political reorientation. It has also resulted in an impending economic downturn in western economies, placing the global economy in a very vulnerable position. COVID-19 is another polarizing issue with many economic and social ramifications. India’s GDP and economic growth rate have also been adversely affected by these global tensions.

Indian real estate sector demonstrated sustainable growth outlook amidst such high-tension events. India’s economy was propelled by a strong capital market, a growing manufacturing sector, PLI schemes, government support for multi-modal infrastructure development, disinvestment to boost Capex outflow, sustainable consumption, improved employment, favourable demographics, robust foreign, institutional, and domestic investment. Due to this, the Indian real estate industry, which has a multiplier effect of 270 allied industries, has achieved record business.

Also Read: Real estate in India to scale new heights in 2024: Experts

The Indian real estate industry was able to quickly adapt to emerging global market dynamics and helped it gain a competitive edge. Reviewing some of the major trends that shaped the real estate landscapes as a result of geopolitical changes as follows:

To conclude, the real estate industry will face both opportunities and challenges in the year 2024. It is imperative that industry players recognize domestic trends such as rapid urbanization, a mushrooming middle class, population density, rapid infrastructure developments,