Proptech to boost real estate and break traditional barriers

SAHIL KAPOOR, NATIONAL HEAD, 360 EDGE, ON THE OVERALL REAL ESTATE SECTOR

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Real estate in India currently constitutes around ~7% of the overall GDP. The housing market alone is worth around $180 billion. In the next 20 years, the sector is expected to expand its foothold to 13% of the total Indian GDP. After agriculture, it is the second-largest source of employment in the country. In a post-covid world, when real estate sales have started to pick up and the market is quickly moving towards normalcy, real estate, as a sector, will play a pivotal role in the economy.

Real estate and construction activities have taken a blow. The migrant labour crisis and disruption in the supply chain has further aggravated the challenge. However, as the macroeconomic conditions are improving, sales are also increasing at a remarkable pace.

New opportunities unravelling in the commercial space

In contrast to the residential segment, commercial realty has been hit hard. As economic and business activities have slowed down, commercial leasing has taken a beating. It will take at least two more quarters for the market to recover.