The Elections 2024 Bugle & Infrastructure Pedestal
The year 2024 is reaping greater benefits for the construction & infrastructure stakeholders while on one hand, we are witnessing fast-track development of critical infrastructure projects on the back of Elections 2024 announcement and on the other hand, there is an organic transformation shaping up in allied segments owing to these fast-tracking developments. In order to lap up these incredible opportunities, not only domestic but also global players have expanded their offerings for the burgeoning Indian market. They are quickly ramping up R&D facilities in order to serve to the ever-evolving market demands. We are also seeing equipment majors fast rolling out new age construction equipment that is not only smarter but is also sustainable as the green bandwagon slowly taking wings in the construction sector.
In yet another interesting update, a recent report by the Confederation of Real Estate Developers’ Association (CREDAI) states the real estate sector, which is presently valued at `24 lakh crore (approximately $300 billion), is expected to touch the market size of $1.3 trillion (13.8% of projected GDP) by FY 2034 and $5.17 trillion (17.5% of projected GDP) by 2047. In addition, the report also projects a 7-crore additional housing demand by 2030.
As India is expected to undergo urbanization at a rate of approximately 50% by 2050, attention is increasingly turning towards tier 2 cities, positioning them as the next frontier for real estate expansion. According to real estate consultant JLL India, a significant proportion of land acquisitions between January 2022 and October 2023, approx. 44.4% occurred in tier 2 and 3 cities.
All these updates are proving to be steppingstones for a massive infrastructural transformation where each and every stakeholder is putting his best foot forward to not only leapfrog but also develop world-class construction marvels that are second to none in the world. As the country is ushering into a land of immense opportunities, these fast-paced developments are ably driving growth, which is ultimately win-win for the fraternity.
As we are about to enter into an exciting Financial Year 2024-25, here’s wishing every stakeholder a year of abundant growth & promising opportunities…
