Since the advent of real estate sector in India, it has not only
witnessed a strong economic growth but also the enhancement in physical
infrastructure of the country. Even in 2016, it continues to impress people
with innovative ideas and a feeling of owning something valuable. When we talk
about residential properties, things that come to mind are space and value
associated with it. The only concern of a buyer spending money is to find a
residence that is proudly owned by them and that is also in a plush
neighborhood.
How it all started?
As huge numbers of people are shifting into the urban areas,
demand for high-end apartments has been on a rise. Competing with global
economy, current state of Real estate in
India is expected to grow exponentially within the next five years.
According to a research report by CRISIL, the period of 2014-2018 is
expected to witness substantial supply of housing, especially in urban areas.
During early years of its introduction, real estate was mistaken
with gambling of money among investors. However, with passage of time the old
school methods and notion has changed and the business picked up quite well
after a few pitfalls. In order to attract potential buyers, new mid-income
housing projects were also launched after people started showing interest.
Growing demands + Growing challenges
It is well known that almost 80 percent of the real estate sector
in India comprised of residential properties. The concept has come to existence
since the time families started buying houses that were within their budget and
provided a great environment for their children to grow. Housing section of the
country is broadly divided into three segments-
- Affordable housing
- Mid-income housing
- Luxury housing
Luxury housing segment in particular is capable of projecting
strong economic growth in urban areas. It is because developers understand
various needs of contemporary buyers and are now collaborating with some
renowned luxury brands to increase ownership. Through these partnerships, they
are able to develop service apartments and grand luxury villas.
With above backdrop, it is quite evident that real estate market is going to become a
major source of economy for the country. Government’s role in this development
is crucial as it is now their turn to monetize and regularize the process of
construction. It would not be wrong to say that adequate urban development
process is taken into consideration; therefore, the results are now in front of
the people.
A massive gap still exists in the lack of technology and funding
of real estate sector for which several initiatives have been lined up to
improve the global money inflow. Among these setbacks, there are also land
related problems that are not slowing down. Although, digitizing the land
ownership records has helped immensely, there is still a long way to go.
While comparing early stages of properties
in India with the present situation makes it easy to understand that
India’s economic growth is somehow linked with it. Making new projects
luxurious and eye catchy can be a real treat for Indian developers as it starts
bringing investors from different regions of the world.
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