India Condominium & Apartments Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Condominium & Apartments Market Analysis
The India Condominium and Apartments Market is anticipated to register a CAGR of over 4% during the forecast period. The market is driven by the demand for affordable housing. Furthermore, the market is driven by the demand for residential real estate.
- In India, condos and apartments are similar in size, but they differ greatly in terms of ownership and management rights, amenities, and maintenance fees. Life is returning to the "normal" that predated the epidemic as the globe gradually learns to live with Covid. Businesses and economies around the world are impacted by these shifts. The real estate market in India fits the same description. The beginning of 2022 has been promising, with increased numbers in key cities for both sales and new launches. The real estate sector has mostly continued to be end-user-driven during the first quarter of 2022, which is strongly entrenched in high homeownership sentiment. In the US, condominiums are fairly prevalent. Although the idea of condominium ownership has been around for more than 50 years in India, it is less well-liked than the cooperative housing society model, which is prominent in Maharashtra.
- The Maharashtra Co-operative Societies Act of 1960 governs cooperative society regulations in Maharashtra. The Maharashtra Apartment Ownership Act, of 1970 created a substitute for this type of housing society by allowing for the creation of condominiums. These purchasers, who band together to create an association, are also known as apartment owners. The majority of individuals prefer condominiums because of how little maintenance they require. For the general upkeep of their condos, the occupants are required to pay a certain amount either annually or monthly. As a result, the occupants do not need to handle any maintenance difficulties on their own. They merely need to alert the authorities to resolve the problems. Some condos also have facilities for routine inspections, when any issues are fixed right away. The Indian economy has suffered greatly as a result of the COVID-19 pandemic. Almost all industries have been negatively impacted.
- One of the industries that endured the heat the entire time was real estate. The government's imposed lockdown caused construction activity to stop, which caused the building to work for future projects. Additionally, a considerable number of jobs were lost nationwide as a result of the economy's negative effects, which in turn reduced consumers' purchasing power. Real Estate is suffered as a result of that. Numerous millions of people have been infected with COVID-19, and the number of fatalities was significantly increased. As a result, numerous nations instituted a lockdown and a worldwide health emergency was declared. Significant barriers to trade in several areas were a result. The pandemic had a serious impact on the Indian situation. The country was experiencing an economic slump as the national GDP plunged to a record low.
India Condominium & Apartments Market Trends
This section covers the major market trends shaping the India Condominium & Apartments Market according to our research experts:
Increase in Per Capita Income
- The pandemic had a positive impact on residential property. Investors and homebuyers alike concentrated on spending money on acquiring a home or improving their living quarters. Interest in luxury real estate unexpectedly peaked across all groups.
- However, the market for luxury homes was not the same before the pandemic. It has experienced many ups and downs throughout the last ten years. In actuality, 2019 wasn't a fantastic year for real estate in general. There was an increase in inventory, skyrocketing prices, and unpredictability among important stakeholders in prime marketplaces like Mumbai and Delhi. Projects that were in limbo, lawsuits against developers, and irate buyers were all on the rise.
- The need for homes with cutting-edge facilities increased dramatically as a result of people being cooped up in their homes for extended periods under the new normal post COVID-19 pandemic. Those who already had a home decided to enhance their present living conditions. As customers try to build activity-driven venues like a study room or an exercise space within their homes, there is now a need for additional rooms as houses are increasingly becoming the only place for all activities. A positive view of the price of luxury real estate can be inferred from the fact that consumers are strongly contemplating a good investment opportunity when purchasing luxury real estate. Additionally, homes with decks or balconies are popular since they provide much-needed fresh air.
Increase in Population is boosting the market
- The value of the Indian real estate sector is expected to reach INR 13,00,000 crore (USD 1,570 billion) by 2023. This increase is being driven by an increasingly urban population, growing incomes, and deepening urbanization.
- For several reasons, every investor desires to invest in real estate. It is an asset that is first and foremost unaffected by stock market volatility. It frequently provides a reliable source of revenue, which is number two. Thirdly, there is a chance that its value would rise over time, which might lead to capital gains. Finally, real estate might offer chances to grow wealth and tax advantages. The following factors are likely to significantly impact the real estate market in 2023 and drive it forward: India's population is predicted to grow to 1.5 billion people by 2023. Following the recent period of rapid growth, analysts anticipate that India's economy will continue to expand in 2023. As a result, it will be more appealing as a place for investment to both domestic and foreign investors. By 2023, it is expected that there will be 1.5 billion people living in India. As a result, there will be a rise in demand for housing and other real estate-related services.
India Condominium & Apartments Industry Overview
The India Condominium and Apartments Market is highly fragmented with global and local players operating in the market. Some of the major players include DLF Ltd., Prestige Real Estate Projects Limited, NBCC India Limited, India Bulls Real Estate Limited and Brigade Enterprise Limited. The infrastructure industry offers growth opportunities during the projection period despite the fragmented market.
India Condominium & Apartments Market Leaders
DLF Ltd.
Prestige Real Estate Projects Limited
NBCC India Limited
India Bulls Real Estate Limited
Brigade Enterprise Limited
*Disclaimer: Major Players sorted in no particular order
India Condominium & Apartments Market News
December 2022: According to industry experts, the real estate market will see controlled new launches in 2023. The majority of the leading cities will continue to have regulated new launches in 2023. According to Anarock Group, the launch trend in 2022 was measured with caution, with developers abstaining from releasing more inventory than the market could bear, particularly in markets that were already oversupplied.
October 2022: The housing market in India is predicted to be strong this year, with sales perhaps reaching a record, relying on a recovery in economic activity and high mobility after the epidemic subsided. Up to the end of September, there were more than 1.61 lakh flats sold in the top seven Indian real estate markets. According to data from JLL India, it outperformed the yearly sales performance seen since 2014. According to the success seen in the first three quarters of this year, 2022 will undoubtedly set a new record for housing sales, which peaked in 2014 at 165,791 flats.
India Condominium & Apartments Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Method
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS DYNAMICS
4.1 Current Market Scenario
4.2 Market Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Value Chain / Supply Chain Analysis
4.5 Porters Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Government Regulations and Initiatives
4.7 Insights into Size of Real Estate Lending and Loan to Value Trends
4.8 Insights into Rental Yields in Residential Real Estate Segment
4.9 Insights into Technological Trends in the Market
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Key States
5.1.1 Maharashtra
5.1.2 Delhi
5.1.3 Karnataka
5.1.4 Punjab
5.1.5 Rest of India
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.1.1 Godrej Properties
6.1.2 Prestige Estates Projects Ltd
6.1.3 Oberoi Realty Limited
6.1.4 DLF
6.1.5 Sunteck Realty
6.1.6 NBCC India Limited
6.1.7 India Bulls Real Estate Limited
6.1.8 Brigade Enterprise Limited
6.1.9 Phoenix Mills Ltd
6.1.10 Omaxe Limited
6.1.11 Merlin Group*
7. MAJOR ONGOING AND UPCOMING INFRASTRUCTURE PROJECTS
8. FUTURE OF THE MARKET
9. APPENDIX
India Condominium & Apartments Industry Segmentation
Condos are very similar to apartments, although they are owned differently. The landlord is the particular condo owner. Either personally or with the aid of a property management company, the condo is managed. The report covers the complete background analysis of the India Condominium and Apartments Market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact.
The India Condominium and Apartments Market are segmented By states (Maharashtra, Delhi, Karnataka, Punjab and the Rest of India). The report offers market size and forecasts in value (USD billion) for all the above segments.
| By Key States | |
| Maharashtra | |
| Delhi | |
| Karnataka | |
| Punjab | |
| Rest of India |
India Condominium & Apartments Market Research FAQs
What is the current India Condominium and Apartments Market size?
The India Condominium and Apartments Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in India Condominium and Apartments Market?
DLF Ltd., Prestige Real Estate Projects Limited, NBCC India Limited, India Bulls Real Estate Limited and Brigade Enterprise Limited are the major companies operating in the India Condominium and Apartments Market.
What years does this India Condominium and Apartments Market cover?
The report covers the India Condominium and Apartments Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Condominium and Apartments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Condominium and Apartments Industry Report
Statistics for the 2024 India Condominium and Apartments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Condominium and Apartments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
