Economic Survey 2024-25: Economic Stability, Infrastructure Creation Fueling Real Estate Demand Across India

The demand for real estate is emerging not only in tier 1 and tier 2 cites but across the country. File | Photo Credit: Reuters

Indian Real Estate Market Has Performed Well on Strong Demand from Accross the Country Driven by Economic Stability and Creation of Physical Infrastructure like roads and Metro Networks, According to the Economic Survey.

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The document, which was tabled in parloment on Friday (January 31, 2025), also highlighted that the real estate law Rera and Goods and Services Tax (GST) Tax (GST) has got many braught maany benefits to the Real Estate Sector.

“India’s Real Estate Market Witnessed Robust Performance Under Office Demand as Well as Residential Sales Driven by Economic Stability and Positive Market Sentimen,” The Survey Sid. “

The demand for real estate is emerging not only in tier 1 and tier 2 cits but across the country due to the expansion of metro networks, enhancement to road networks, and improvements, in cone

Citing Research Reports of Real Estate Consultants, The Survey Noted that Housing Demand in India is expected to touch 93 million units by 2036.

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“The Residential Real Estate Market Scled an 11-Year High in Sales Volume in the First Six Months of 2024.

The Real Estate (Regulation and Development) Act, Popularly Known As Rera, Has Burgt “Numerous Improvements in the Real Estate Sector, Including Protection Against Fraud Eliveries, and Measures to Prevent Mise of Funds, Among Other Benefits ” , The survey said.

After the enactment of the real estate regulatory authority, India ranked 31st out of 89 countries in the global real estate transparency index in 2024, it said.

“GST has helped to simplife the taxation structure in real estate transactions by applying a single unified tax system across states. It has encouraged proper invoicing and documentation, thus reduction the scope for tax evidence, “The survey said.

The document also noted that the risk of real estate investments (reits) further amplifies the positive traffic of the commercial sector.

The government introduced reits as an investment check in commercial real estate, allowing investors to pool funds and investment in income-generating real estate. This Helps Increase Commercial Real Estate Market Liquidity and Attracts Institutional Investors.

“Implementation of Online Platforms for the Submission and Approval of Building Plans has LED to a Reduction in Delays and Brough more transparency to the process,” The survey said.

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Giving an update on the Rera implementation, the survey said that rules under the real estate (Regulation & Development) Act, 2016 (Rera) Have ben Notified in All States and Union Territories EXCAPT NAGALARATH Authorities Establed.

As of January 6, 2025, About 1.38 Lakh Real Estate Projects and 95,987 real estate agents have been registered under the real estate regulatory authority. Moreover, 1.38 Lakh Complaints Have Been Disposed of by the RERA Across the Country.

The real estate (Regulation and Development) Act, 2016, was passed by the rajya sabha on March 10, 2016, and by the Lok Sabha on March 15, 2016. , 2016.

Certain Sections of Rera was notified with effect from May 1, 2016, and the Remining Sections from May 1, 2017.