![]() ![]() ![]() ![]() This has hampered the growth of residential construction market in 2020 and, is likely to revive in 2021. COVID-19 pandemic has shut down the construction of residential properties attributed to the lockdown in countries worldwide.The residential construction market is expected to grow significantly due to increasing population and lack of new residential areas especially in tier 1 cities. Even after effective construction of residential building, it requires time to time maintenance and renovation sometime, which creates and after market for residential construction business. Residential construction could be a type of housing estate or apartments. Usually, big projects such as a township or residential society are constructed by large companies, while individual houses or small building project is constructed by individual contractors. Depending on the size and cost of construction project, service provider could be a large company or any independent contractor. ![]() Other involves significant contribution of buyers for the material choice and designs. One in which, the architect constructs the entire building with material based on his own choices and preferences and then sells it to the buyers with a profit margin. The residential construction market consists of constructing building and selling it to the buyers. ![]()
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