Construction Sector Growth
India is experiencing a massive housing boom that’s helping the economy grow. Recent data shows the construction industry grew by 13.3% from July to September, the highest in five quarters. This growth made India’s economy grow by 7.6%, one of the fastest globally.
Bouncing Back Strong
While other countries struggle with high costs, India’s construction sector is doing well after facing tough times. This comeback is because people have more money, cities need more homes, and more people are moving in.
Solving the Housing Shortage
India lacks around 19 million homes in cities, and this housing boom is not only helping the economy but also creating lots of jobs.
Economists like Sunil Sinha think construction will keep growing and helping the economy.
Builders and experts believe this housing boom will last for two to three years or more. In big cities like Mumbai, Delhi, and Bangalore, home sales went up by 36% last quarter, even though prices rose by 8%-18%.
What’s Driving the Boom
Most of the people buying homes are doing it for the first time, about 80% of them. Also, people who already have homes want bigger ones.
What’s Making People Buy Homes
People in jobs like e-commerce, healthcare, retail, and logistics are getting higher salaries every year, so they can afford to buy houses. Experts think home prices might go up more than other things next year, especially for fancy homes in cities.
Not Just in Big Cities
The housing boom isn’t just in big cities. Smaller cities in places like Tamil Nadu, Karnataka, and Gujarat are also seeing more homes being built. More people from villages are moving to cities, and the government is helping build homes in smaller towns.
Investors are Excited
Stocks of property companies like Prestige Estates Projects, DLF, and Godrej Properties are going up a lot, showing that investors think this sector will keep growing.
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