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Governments worldwide are actively supporting and developing their construction sectors. Particularly in emerging nations, various reforms and regulations are being implemented to stimulate infrastructure growth and boost the real estate market. This favorable environment is expected to drive the growth of prefabricated construction. In India, for instance, the government has introduced significant policy initiatives to enhance the construction industry. Measures such as the Real Estate (Regulation and Development) Act 2016, amendments to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, changes in arbitration norms for construction companies, and more have been announced to promote construction activities in the country. Additionally, initiatives like the development of 100 smart cities as satellite towns, establishment of development corridors, the 'Housing for All' plan, and the Rural Housing Fund under the National Housing Board (NHB) further contribute to the growth of the construction industry.
Similarly, in China, there has been a relaxation of central policies on housing, leading to a decrease in the lowest down payment ratio in 2016. This reduction in down payments has incentivized more homebuyers to secure loans from banks, resulting in a surge in construction activities. Consequently, this increased demand for construction has positively impacted the prefabricated buildings market.
The efforts made by governments in both India and China showcase a commitment to fostering growth in their respective construction industries. These policy initiatives, aimed at creating a conducive environment for construction activities, are instrumental in driving the demand for prefabricated buildings. As nations strive for enhanced infrastructure and urban development, the prefabricated construction market stands to benefit from these proactive government measures. The focus on affordable housing, smart city development, and strategic policy adjustments collectively contribute to the favorable landscape for prefabricated construction to thrive.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product, Module Type, Application, and Region |
Prefabricated Buildings Market Highlights:
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