Revitalizing the Indian Real Estate Industry: An Exploratory Study on Mitigating Developer Challenges in a Post-Pandemic World
Abstract
India's real estate industry is now a vital part of the country's economy, contributing around 50% of its GDP. However, the developers in the real estate sector need help to meet the growing demand for housing and infrastructure. These include the unavailability of land, lack of access to funds, high reliance on physical labour, rising construction material costs, and approval and procedural delays. This paper examines these challenges and their root causes, providing insights on how to address them. It further discusses the impact of the COVID-19 pandemic on the sector. It also discusses various government schemes and policies affecting the real estate sector including the Real Estate (Regulation and Development) Act, 2016, and the Pradhan Mantri Awas Yojana. To further support the sector’s growth, the paper proposes measures such as increasing access to finance, streamlining approval processes, and promoting the use of technology to reduce reliance on physical labour. This paper shall analyse the Indian real estate sector’s challenges, its impact on the country’s economy, and recommendations for sustainable growth.
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