Market Size of India Condominium and Apartments Industry
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 |
Major Players*Disclaimer: Major Players sorted in no particular order |
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 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 and Apartments Market Size Summary
The India Condominium and Apartments Market is poised for steady growth, driven primarily by the increasing demand for affordable housing and residential real estate. The market is characterized by a blend of global and local players, with major companies like DLF Ltd., Prestige Real Estate Projects Limited, and others playing significant roles. The sector has shown resilience, with a notable recovery in key cities marked by increased sales and new launches. The pandemic, while initially detrimental, has shifted consumer preferences towards residential properties, with a heightened interest in homes offering modern amenities. This shift has been influenced by the need for more functional living spaces as homes became central to work and leisure activities during lockdowns.
The market landscape is shaped by regulatory frameworks such as the Maharashtra Co-operative Societies Act and the Maharashtra Apartment Ownership Act, which govern the operations of cooperative societies and condominiums, respectively. Despite the challenges posed by the pandemic, the real estate sector has demonstrated robust demand, particularly for luxury properties, as consumers seek investments that offer both comfort and potential capital gains. The fragmented nature of the market presents opportunities for growth, with controlled new launches anticipated in response to market conditions. As urbanization and income levels rise, the demand for housing and related services is expected to increase, making India an attractive destination for both domestic and international investors.
India Condominium and Apartments Market Size - Table of Contents
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1. MARKET INSIGHTS DYNAMICS
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1.1 Current Market Scenario
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1.2 Market Overview
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1.3 Market Dynamics
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1.3.1 Drivers
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1.3.2 Restraints
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1.3.3 Opportunities
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1.4 Value Chain / Supply Chain Analysis
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1.5 Porters Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Government Regulations and Initiatives
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1.7 Insights into Size of Real Estate Lending and Loan to Value Trends
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1.8 Insights into Rental Yields in Residential Real Estate Segment
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1.9 Insights into Technological Trends in the Market
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1.10 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Key States
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2.1.1 Maharashtra
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2.1.2 Delhi
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2.1.3 Karnataka
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2.1.4 Punjab
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2.1.5 Rest of India
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India Condominium and Apartments Market Size 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.