The real estate industry is one of the most prominent industries in India, with a rich and diverse history. In ancient times, it was considered one of the most valuable assets and was mostly owned by the ruling class and wealthy landowners. During distinctive ancient periods such as the Mughal Empire, the Maurya Empire, the Gupta Empire, the Chola dynasty, and the Maratha Empire; construction and creativity in architecture flourished, resulting in the establishment of grand palaces, forts, and mausoleums, such as the Taj Mahal. Under British colonial rule, urban centers such as Mumbai, Kolkata, and Chennai thrived with construction, including railway networks, ports, and administrative buildings.
After India’s independence in 1947, the real estate sector underwent a drastic transformation. The government launched many public housing projects in the 1950s and 1960s to improve the living conditions of people in urban centers. The government also established residential colonies for its employees, which included basic amenities such as schools, hospitals, and parks. Reforms during the 1960s aimed at redistributing land to the landless, tenant farmers, and rural laborers. The government also invested in urban development to improve economic growth and employment opportunities.
The 1980s marked the emergence of many private players in the real estate sector, leading to the development of new real estate segments, such as luxury housing and commercial real estate. The liberalization in the 1990s brought foreign investment and expertise to the real estate sector of India, resulting in large-scale urban projects such as IT parks, shopping malls, and entertainment complexes. With the evolution of this sector and the entrance of private players, the behavior of real estate consumers changed. It changed from basic living requirements to thoughtful architecture and luxurious amenities, transforming the aesthetics of supply.
The 20th century involves three dynamics: Government initiatives, digitalization in the real estate sector, and the drastic fall brought by the global pandemic. The Indian government launched several policies and initiatives to support affordable housing, including PMAY Pradhan Mantri Awas Yojana, which provided subsidies and improved the overall demand for and development of the real estate sector. The introduction of RERA – Real Estate Regulatory Authority aimed at protecting the interests of buyers and brought the required accountability and transparency to the industry. With the introduction of online real estate portals and property listing platforms, digitalization advanced the country’s real estate sector, making it easier for buyers, sellers, and renters to find and transact properties online, resulting in better deals. The pandemic brought a drastic slowdown in the real estate industry of India, but today it has bounced back economic activity, bringing more investment behavior from the customers in the sector.
With the work-from-home trend growing in the market, the demand for lush and bigger homes is expected to grow steadily in the coming years. Investment in real estate is one of the growing investments in the market, which is expected to rise even further with the emergence of the RE investing trend among millionaires and billionaires. Even for millennials, REITs and several investment options are introduced in the sector. Furthermore, the development of real estate in the metaverse has already started, involving the buying and selling of properties in a virtual world. Similarly, as in the real world, virtual properties and their prices will depend on location, accessibility, and the level of development or customization that has been done to the property. As the metaverse continues to grow and evolve, virtual real estate is expected to become an increasingly important and valuable asset.
Zion Buildcon emerged as an innovative partnership in real estate under its guiding mantra, “Our commitment to your lifestyle, persistently.” Today, the extra element is what people look for in homes and offices. On understanding market dynamics and their own expertise, Zion brings forward the idea of thoughtful building and offers commitment beyond just modern architecture. One of its residential projects, ‘Windfield’ offers the family the opportunity to modify and curate their own home layout, thus allowing creative personalization that makes it exclusively theirs. On the other hand, one of its commercial projects, ‘Zion Prime’ inculcates the concept of contemporary as well as environmentally friendly workspaces by offering landscaped spaces for productive pauses & social interactions.
With a common calling to not only build structures but nurture the lifestyles of the people who live and work at these structures, the dynamic team of experts has embarked on a revolutionary journey to bring more creative and innovative projects along with holistic advancement in the industry. Zion Buildcon doesn’t just build modern blocks of bricks, but a modern foundation of comforting lifestyles.