Vertical development has become necessary due to the land scarcity and increasing housing demand. This has boosted elevator industry.
Vertical development remains one of the best options to meet the surging housing demand. In fact, due to land scarcity, it has become necessary than optional. Meanwhile it has boosted the growth of elevator industry as well.
Increasing vertical development has boosted the elevator industry. The experts say that the industry is growing 40% per year. Growth rate in the coming years is expected to be more.
The elevator industry is boosted mainly by the housing sector which has recently gone for more vertical development. Due to the higher level of migration in most of the cities, there is no sufficient land available for realty development.
This forces the builders to develop taller projects. By developing taller projects, builders say, the increasing demand for homes can be met.
Moreover it will bring down the housing prices which are mainly dependent on the land prices. Due to its scarcity and increasing demand, the land prices are shooting up.
As the height of the project increases, the need for elevators increases. In case there is no lift or elevator, there will be no demand for the upper floors.
Indian Elevator Company managing director BN Sharma said that the last decade has been really wonderful for the industry. His firm has been operational in Noida for the last twenty years.
Mr. Sharma adds that there is demand from both commercial and residential sectors. Being based in Noida, majority of his orders are from Delhi-NCR. However his firm is providing elevator services across India.
The opinion of Manoj Tyagi is also anything different. Divine Right Elevator owner said that the earlier there was demand mainly from the government sector and now the demand comes from private sector as well.
Now most of the buildings which have up to G+6 floors or above have lifts or elevators. This makes sure that the industry will grow in the coming years. Along with the boom of real estate, this industry will also be growing for sure.