Real Estate Industry

The real estate sector is one of the most globally recognized sectors and the second largest employer after agriculture.

The real estate sector comprises four sub sectors i.e. housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations.

The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.The Indian real estate market is expected to touch 180 billion US$ by 2020. The housing sector alone contributes 5-6 percent to the country’s Gross Domestic Product (GDP).

Private Equity (PE) funds and Non-Banking Financial Companies (NBFCs) in India are increasingly investing jointly in real estate projects, in order to hedge risk and undertake bigger transactions. Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high demand for office space in recent times.

Today’s real estate landscape brings complex challenges and changing risks. Real estate owners, operators, managers, and developers worldwide face numerous risks that can impact their business. Rising construction costs and land prices continue to alter the landscape, while property losses from fires, natural hazards etc. To minimize these risks, various insurance solutions for real estate in India are available which provides maximum coverage.

The Government of India along with the governments of the respective states has taken several initiatives to encourage the development in the sector. The Smart City Project, where there is a plan to build 100 smart cities, is a prime opportunity for the real estate companies.

India’s Prime Minister Mr. Narendra Modi approved the launch of ‘Housing for All’ by 2022. Under the Sardar Patel Urban Housing Mission, 30 million houses will be built in India by 2022, mostly for the economically weaker sections and low-income groups, through public-private-partnership (PPP) and interest subsidy.

Emergence of nuclear families, rapid urbanization and rising household income are likely to remain the key drivers for growth in all spheres of real estate, including residential, commercial and retail.

Desired insurance policy product for entities in real estate sector:

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