There is no denial in the statement that the Pandemic has halted the growth of the economy in India. Being one of the major contributors to the country’s GDP, a slight slow down in realty is naturally capable of causing a catastrophe. But the story is different this time. Indian economy proved to be resilient and solely heading straight up the growth curve. However, the sector has been some groundbreaking changes with newly evolved needs and expectations from buyers.

In the last five years, three game-changing policies- Demonetization, the introduction of the Goods and Services Tax, and real estate regulatory authority. These aspects altogether paved the way for transformative changes in the sector. All these shocks stirred up the smooth functioning of Indian real estate. Nevertheless, soon after the market began to rebound, the COVID pandemic hit us, and everything froze.

Almost all the institutions adapted to the work-from-home system or maintained a hybrid working model. People started spending extra hours at home, and that eventually gave rise to new needs and expectations from their housing communities. Though this continued for a year or more, the Indian Government managed to vaccinate the majority of the population at a good pace. Thanks to the rapid vaccination, many managed to get back to their workspaces soon.

Indian Government has taken various steps concerning the growing conscience about sustainable living to following regulations concerning global warming and other environmental problems. These conditions slowly made it mandatory for the builders and Real Estate entities to maintain high standards catching up with Global living standards. We can acknowledge the growing adaptation of REITs in India which makes it clear that the growth in Indian realty is imminent. On the other hand, the recent initiatives by the Govt like granting permissions for the higher debt financing and tax benefits on dividends will improve the REIT outlook further. This move will help unleash the masked potential of the investors in real estate.

A good look at the Budget for 2022 unravels the importance the Indian Govt has given to the growth in infrastructure. For instance, Union minister Nitin Gadkari announced the plan to build 18000 kilometers of road across India in 2022-23 with 50 kilometers a day. This move can pave the way for the extension of urbanization in the regions beyond the cities connecting the villages.

Meanwhile, the GST and input tax rates on construction raw materials were trimmed to 5 percent (which was earlier 28 for cement, 18 for iron and steel, and 12 for kiln). These measures are all set to give a much-needed breather to the developers without having to increase property prices and sustain the rising raw material prices.

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