Real estate projects in India are increasingly popular and a key driver of demand for the country’s economy.
The latest statistics show that nearly $2.8 trillion in projects were completed in India between January 2018 and March 2019, an increase of nearly 12% compared to the same period last year.
And it’s likely that the number of projects completed in the country will increase further, with a whopping $4.8 billion of new projects set to be completed between 2020 and 2026.
But the pace of construction and the demand for land in India have increased as well.
The number of residential projects in the state of Maharashtra increased by 13.8% in the year to March 2019 from January 2018, according to the latest data released by the state government.
It was followed by Maharashtra’s coastal areas, which saw an increase in the number from 15.4% in 2018 to 20.9% in 2019.
This is likely due to the construction of a new harbour that will be built in the coastal areas of the state, according the state’s finance ministry.
While the government has been trying to build up its infrastructure in the wake of the drought, it has also been working to diversify its industries, according.
A number of major companies have recently launched in India, including Tata Consultancy Services (TCS), Infosys, Infosur and Wipro, to name a few.