Real Estate is a crucial aspect of any economic development story. It is because the real estate growth of a region brings more inhabitors to the area. This subsequently adds to living arrangements, business opportunities, jobs, etc, which paves the way for the economic rise of a region.
Coming to the economy, one of the biggest economies of the world, India is no stranger to this. And so is the region of Northeast India.
Northeast India is sprawling with natural beauty and resources resulting in the growing interest of businesses all over the country. This has given rise to the inevitable and rather splendid Real Estate growth of the region.
To put things into perspective, let’s go through it systematically.
Real Estate Market of India
3rd out of the 14th. That’s the rank of the real estate market in India concerning major industry sectors with direct, indirect, and induced factors within the sectors of the economy. The reason for this high acclaim is rightfully justified because of the industry value.
As of 2019, the value of Indian Real Estate was INR 12,000 Crore, which is estimated to touch INR 65,000 Crore by the year 2040. Even given the dynamic business circumstances, it is safe to say that this real estate market growth is undoubtedly secured.
Real Estate Growth in Guwahati in recent years
With the support from the Assam Government and the Centre, the Real Estate Market in Guwahati is rising steadily over the last few years. A fact that can be well seen by the uprising of shopping malls, giant apartment buildings, etc.
Furthermore, the schemes like PMAY CLSS are also helping the consumers bite into the real estate market with ease.
Moreover, in the prestigious business summit of Advantage Assam, industrial giants like Infinity Group, Essel Infra Group, & Dalmia Bharat Cement, etc has made provisions to inject more than INR 2000 crore into the Real Estate Market of the region.
These points are just some of the many pieces of evidence that point towards the real estate growth of Assam, especially in and around Guwahati.
Reasons for Real Estate Growth in Guwahati
Now that we have established the real estate growth in Guwahati is inevitable, let’s get into the reasons responsible for this growth.
Natural Resources: Northeast India is known for its abundance of resources and beauty. Subsequently, this attracts investment for either business or settling in. This has been a major boost in justifying the massive real estate market in the Northeast and especially Guwahati.
Guwahati, often being referred to as the gateway to Northeast India gets the first preference for a real estate investment in the region. This is because of the region’s surrounding beauty, growing business with convenience, and a sense of calm and serene lifestyle to its people.
Gateway to Southeast Asia: Northeast India, now being the Gateway to Myanmar and other Southeast Asian countries is blooming with opportunities. All thanks to the region’s 3,246 km road connecting the region to Myanmar.
Guwahati, being one of the well-known regions in Northeast India, enjoys a great deal of attention in this respect to investments. Most notably, the real estate market.
Airport Expansion: With the expansion of Guwahati’s Lokpriya Gopinath Bordoloi International Airport to an International Airport, this brings more prospects to the region. With the ease of connectivity to the rest of the world comes opportunities from the rest of the world.
It is not only the convenience of international travel but also domestic travel within the country as well which brings massive interest to the region.
This puts Guwahati as one of the most sought after regions of Northeast India to own Real Estate in.
Gateway to Northeast India: Being commonly referred to as the Gateway to Northeast India, Guwahati enjoys a special spotlight in comparison to other regions of the region. This helps bring in more interest to Guwahati in terms of business.
This spotlight ultimately urges people around the region and country to buy a piece of the pie and invest in its real estate market.
Business Interests: Due to these many amenities and facilities favoring Guwahati, the rise in the interest for business opportunities is huge in the region. The region is now witnessing bigger brands coming into play in the market from all sectors. From manufacturing, entertainment, education, hospitality, etc. You name it.
This interest in business correlates to the subsequent rise in the need of infrastructure which ultimately leads to real estate rise.
Conclusion
Judging by these points, it is certain that an investment in real estate will bear sweet fruits for investors in the future.
Aside from these reasons, one of the main reasons why the real estate market is and will continue to grow is this. The population of the world is rising and India is no stranger to this fact. To accommodate this growing population, there must be adequate arrangements for life.