India’s Construction Sector Booms With Demand In Rising Housing Units

After about six years of debt and pandemic-induced downturn the construction sector began improving last year, blooming and booming to its fullest. The reasons for this boom are pretty obvious: rising incomes for many Indians, coupled with a severe housing shortage in big cities and strong population growth. According to government estimates, there was a shortage of around 19 million units last year, which is expected to double by 2030.

Home sales in India's seven largest cities, including Mumbai, New Delhi and Bangalore, rocketed 36% in the July-September quarter from a year earlier to more than 112,000 units, despite an 8%-18% increase in prices, according to real estate consultancy Anarock. Data from the consultancy also showed a 24% increase in new residential projects being launched. These figures show that the construction and housing sectors are about to see many highs soon. While many urban families are investing in property, securing them with a comprehensive home insurance plan is a sensible move. Any damage to the property due to natural calamities or man-made disasters can lead to financial strain, which can be avoided with the cushioning of a home insurance plan.