A
country can be said to be developing when the people get safe shelter to live.
Real Estate Developers are the major contributor to the economy of a country, it
is over 10% of the entire GDP of a country and a major contributor to FDI. Any
location starts developing only if the Infrastructure and housing projects come
up in that location. Raj Nagar Extension in Ghaziabad has very less population
just a decade back but with infrastructure development and Real Estate
Developers started taking interest. Many Housing projects came up in Raj Nagar
Extension and this gave a boost to business and employment opportunities. Large
number of commercial spaces came up to cater to business houses.
KW
Group which has built KW Srishti in Raj Nagar Extension having Eleven Towers with
1505 apartments. This development has led to KW Group constructing another mega
retail hub KW Delhi 6, a Mall in the same locality. The Real Estate Development
is an ongoing process. Infrastructural Development leads to development of
housing projects which leads to the development of business and economy with
requirement of space for commercial activities and thereby Development of Commercial
spaces, development of Malls for retail hubs etc. Real Estate Developers
provide huge employment opportunities. Over the years the Real Estate Sector
has shifted from an un-organized sector to an organized sector and now it is
considered to be a core sector and a major contributor to the economy of a
country. The modern construction technology has a major impact in Real Estate
sector. The entire urbanization depends on the construction development in a
city area. By 2040, real estate market to grow
to Rs 65,000 crore (US$ 9.30 billion) from Rs 12,000 crore (US$ 1.72 billion)
in 2019. Real estate sector in India is expected to reach a market size of US$
1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 per cent of
the country’s GDP by 2025. Retail, hospitality and commercial real estate are
also growing significantly, providing the much-needed infrastructure for
India's growing needs. Indian real estate increased by 19.5 per cent CAGR from
2017 to 2028.
Source Link: - https://kworldgroup97.wordpress.com/2020/06/23/contribution-of-real-estate-developers-for-human-development-index-hdi/
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