Dr.Atul Goel
The story of settlement and property ownership began when our ancestors decided to abandon the nomadic life of hunter-gatherers. They settled down, built dwellings, and marked spaces as their own. The story unfolded further as ownership of land or space became a marker of wealth and fortune. Empires came into existence by acquiring more and more land. India is no different in this regard.
The story of modern-day real estate started with the advent of private land and property ownership. It no longer remained within the purview of only the wealthy. The Industrial Revolution, urbanization, and progress impacted its evolution, with infrastructural development coming into the picture.
India’s real estate sector underwent major changes in the post-independence era. Public housing projects were launched by the government in the 1950s and 1960s to provide housing. Cities expanded, and the urban population grew manifold. No wonder housing remained a problem that needed a solution. The emergence of private developers brought a huge relief. A major shift happened. Apart from private housing gaining more and more popularity, the development of new real estate segments like luxury housing, commercial real estate, etc., also occurred.
Today, the real estate sector is the second-highest employment-generating sector in India. Valued at USD 477 billion, it contributes approximately 7.3% to the country’s GDP. It is showing an exponential growth trend and is expected to reach USD 1 trillion by 2030. From retail to hospitality, commercial space to infrastructure, the sector is contributing immensely to our country’s growing needs. Experts predict that it will contribute about 15.5% to India’s GDP by 2047.
As I always say, every development we think of is related to real estate. From housing to infrastructure, real estate is the solution to every problem we have.
Take the example of Pune, my own city. It transformed from a quaint town into a happening city ever since it became an IT hub—a real estate development. It experienced phenomenal growth over the years with a real estate market driven by a strong demand for home ownership, a supportive business landscape, and large-scale infrastructure development.
Last but not least, real estate has always been one of the best tools for wealth creation. From the great emperors to modern-day billionaires, every wealthy person has created their wealth through real estate. A tangible investment of low risk with the potential for consistent appreciation and income generation, it has always been a pillar of wealth creation. The implementation of the Real Estate Regulation & Development Act 2016 (RERA) in India has made it the safest tool for investment ever.
When we invest in real estate, we not only create personal wealth but also invest in the growth of our city and contribute to our nation’s progress. That’s how it works!
