Indian Real Estate Sector contributing to Infrastructure Development
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Indian Real Estate Sector contributing to Infrastructure Development

Indian Real Estate Sector contributing to Infrastructure Development

The Indian middle-class population is constantly growing. According to an estimate, it ranged between 78 million to 604 million in 2018. In future, this number is expected to grow drastically.

One of the major challenges associated with the increasing population is the rural migration to the urban regions. People in search of jobs and a comfortable lifestyle are constantly heading towards cities. The resources are limited and the demand for them is enormous. The roads are getting more and more congested with heavy traffic, schools and hospitals are running out of infrastructure. Not just that, the cities are also witnessing a tremendous increase in housing demands.

In a nutshell, today most metropolitan cities are facing a terrible failure in the infrastructure. The present facilities have completely crashed to meet the unrelenting demands of the current population.

Thus, the Indian cities need a completely new blueprint. The dearth of infrastructure needs to be compensated with the rapid erection of commercial and residential townships. The infrastructure development needs to be given paramount importance. The matter is more critical as the metropolitan cities are the engines of economic growth and key aspects that connect the nation to the global economies.

In India, cities like Hyderabad, Bengaluru, Chennai, Delhi and Mumbai have served as the major drivers of growth, but the improper urban planning, in general, has been the major hindrance in leveraging the underlying potential.

It’s a fact that good infrastructure entices foreign companies and gives them several prospects to expand their business. This eventually gives employment to the masses. Not just that, it also enhances the quality of life of the people.

Why some countries are called developed? Well, the infrastructure is the major factor that ensures a high standard of living and facilitates the major economic activities in those countries. Such countries are far ahead of developing countries. They have advanced technological infrastructure relative to other less industrialized nations.

On account of this, the government of India has recently announced the Smart Cities Mission. It’s a mission that aims to completely transform the face of the urban regions. It seeks to develop cities that are self-sufficient in catering to the needs of the increasing population by encapsulating the highest standard of infrastructure and technology and eventually improving the standard of life.

Under the Smart Cities Mission lies a term called town planning. Town planning is a process that encourages systematic, economic and technological development of towns. This method requires a concrete formulation of a plan, its stages and implementable methods. The town planning also incorporates the phenomenon of sustainable cities.

Sustainable city or eco-city is a city whose every single aspect is designed considering its impact on the environment. Such cities ensure the minimum emission of carbon dioxide. Any development is done without minimum hampering of the environment.

It is important to understand that for a country like India, infrastructure is imperative for economic development. Speaking in simple terms, infrastructure is all the services that are needed to elevate the standard of living or make life hassle-free. It can be of different forms such as social, civic or economic.

Providing water supply, transportation network, communication system, healthcare services, sewer and waste treatment, housing and education. All these things are the factors that enhance the economic growth of the country and are part of the social infrastructure. When the infrastructure increases, employment also increases. The construction of any residential or commercial building requires labour. The working of labour is again an economic activity. As economic activities increase, they eventually raise the GDP of the country.

Role Indian real estate companies are playing:

When it comes to infrastructure development, many Indian real estate companies have either developed or are developing several residential projects in India. Projects that are crafted in line with the increasing needs of the middle-class population. Projects that are bringing about the drastic transition in the city’s infrastructure.

Residential projects in India:

For instance, the Omaxe group, a real estate company that stands amongst the top residential builders in India has undertaken innumerable bigshot residential projects in India. The notable constructions like The Lake Chandigarh, Omaxe New Heights, Omaxe Palm Greens Greater Noida etc., to name a few are some of the state-of-the-art-projects taken by the group in the residential sector.

Catering to the diverse needs of the population, they have also developed several integrated townships in India that comprise all the world-class amenities.

All the townships by the Omaxe group comprise of lush greenery and beautiful landscapes. Many townships also have water harvesting system and solar panels that seek to create an enduring way of life. The townships are extremely systematic that is built in a manner that matches the future demands of coming 50 to 60 years.

Commercial projects in India:

With more and more employment opportunities being created in India and several bigshot companies seeking to expand their presence, the commercial projects in India form the lifeline of the cities.

Omaxe Group has also been an active participant in developing renowned commercial projects pan India. Projects that have completely revolutionized the commercial infrastructure sector. For instance, Omaxe World Street, Faridabad is a world-class commercial project that epitomizes the impeccable standards of infrastructure and provides all the luxurious amenities encapsulated in the offices and shops.

Likewise, there is Omaxe Celebrations Mall, Gurugram strategically located on the Gurgaon-Sohna Road and provides the next generation of commercial facilities. The group is an active participant in the structural transformation process in a rapidly growing economy like India.

It is worth noting that the real estate sector in India is projected to touch 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. Which indicates its indispensable role in the growth of the Indian economy.

Conclusion:

In the last, I would like to conclude by saying that all the major real estate company in india are playing a critical role in enhancing the infrastructure of the country. We need to realise the infrastructure is imperative to boost to growing needs of the current population along with giving a boost to the economy.

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