Buying and selling homes have a crucial economic impact on a community. When you buy or sell a home, you’re contributing to the economy through your capital investment. Real estate currently is the second-highest employment generator in India. Hence, by buying and selling a home you’re also helping in creating more jobs and income.
With new constructions and developments being sanctioned across the country, the real estate industry accounts for 6-7% of India’s GDP. Moreover, new real estate firms hire talent from across the country with increased business transactions. Thereby, a substantial chunk of the workforce associated with the real estate sector such as real estate agents, on-site labourers, customer relationship managers, marketing executives, etc. gets better pay.
It generates income, and jobs and keeps the flow of money in the market. Job generation in a sector is directly linked to its overall growth and projected trajectory for stability in the coming years.
According to India Brand Equity Foundation’s (IBEF) research, the real estate sector is expected to become a $1 trillion market by 2030 with its current growth trajectory. Moreover, by 2025, the sector will contribute 13% to India’s economic development which will eventually create a lot of job roles in the sector.
Moreover, with the technological advancements and integration of AI, ML, 3D modelling, and virtual metaverse, many new job roles have come up in the real estate sector.
The government’s initiatives and schemes such as ‘Housing for All by 2022’ and Pradhan Mantri Awas Yojana (Urban) Scheme will develop around 1.12 crore houses creating approximately 1.2 crore jobs.
Home buying and selling fulfil the need for shelter and a place to live. That need for shelter, comfort, and a safe place to live will always be the aim for home buyers. Builders and promoters strive for providing better amenities to attract homebuyers which in turn uplifts the quality of living.
Better living standards help in making a thriving society by attracting home buyers. The buying and selling of homes help with economic development. However, the price and frequency of home buying and selling will depend a lot on the amenities. So, new apartments in Bangalore are more likely to sell faster and at a better price than older apartments since they offer lucrative amenities and have better appreciation rates.
Push for better infrastructure
Developing an area into a residential locality is not only great for home buyers looking for a good place to live but also for the local community. Residential development brings in commercial infrastructure which helps the local community to grow. Better infrastructure such as the construction of the metro, emergency services, malls, convenience stores, etc. in the vicinity of the developed project makes it worth the investment. Places like Electronic City in Bangalore are the perfect example. The construction of the metro has made the area a strategic place making its residential community the most sought-after for investment.
Bengaluru’s contribution to total luxury housing sales stands at 10% in H1 2022. The growth in sales has encouraged property builders to launch new projects as well as new phases in existing projects. Electronic city is one such place. So if you are looking for flats for sale in Electronic City Bangalore then you will find some of the best-in-class projects offering modern amenities.