Construction activities rebound across the country
High demand for luxury homes, affordable housing, and commercial space driving construction activities across India.
Construction activities have revived across the country in the last few months.
| Photo Credit: file photo
Driven by demand, construction activities have rebounded across the country in almost all sectors, said K. Viswanathan, president of the Builders Association of India. He said construction activities were dull for almost two years and revived in the recent months to normal level. There is an improvement of almost 20 %.
There is a high demand for luxury homes, affordable housing, gated communities, and integrated townships in the residential sector, he said.
In cities such as Pune, joint development of plots is seeing significant jump. In Mumbai, redevelopment of existing apartment units is happening on a large scale.
In cities such as Coimbatore, there is shortage in availability of developed commercial space.
It is mandatory for developers to have 10% of the plots/residential units in the affordable pricing range and these are seeing huge off take. Demand in the market and stable raw material prices apart from huge allocations in the Union Budget this year for infrastructure and affordable housing are the main drivers for the revival, he said.
This trend is likely to sustain as people are investing in houses and office spaces because of necessity, Mr. Viswanathan added.
Larger construction companies are focusing on infrastructure projects as the budget has proposed ₹1 lakh crore investment in these projects, he said.
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