A Promising New Dawn for Real Estate Developers in India

The changing face of Indian realty pushes us to take notice, as to how rapidly the faces of various cities are transforming. India continues to be a preferred destination for property developers, Non-Resident Indians, global investors and more. The changed stand of the government towards Non-Resident Indians investments in the country and the various investor friendly policies has positively affected the country’s real estate scenario. The Real Estate (Regulation and Development) Bill 2013, as approved by the Union Cabinet, is a strong initiative that is aimed at delivering a uniform regulatory environment to protect and preserve the interests of the consumer. It also looks into quick verdicts of disputes and ensures a smooth and well planned growth.Rapid urbanization, rise in buying potential, growing trend for nuclear families, easy availability of home loans, ever-developing infrastructure, the urban-rural migration and the rapidly growing demand for homes, are major reasons for a boom in India’s realty sector.One more important reason that cannot be overlooked is the fact that the age of potential home buyers has reduced drastically. Where once a person in his late 30’s would think of buying a home, today, under the changed scenario, people in their late 20’s are buying properties. This paradigm shift is due to the rise in the income in various verticals of the working society.Real estate is counted as the second largest sector that generates a multitude of employment opportunities. It is interesting to note that this sector contributes to almost 6.3 % to India’s GDP or Gross Domestic Product. The realty sector has undergone a drastic transformation. Many property developers in India are motivating the buyers to abandon their conceived notions on homes, and are providing them with innovative residences. The developments that were once concentrated to only the bigger cities, have today engulfed smaller cities and towns as well. The improved standard of living and the radical progress in various professional verticals has made the sector transform rapidly.India’s realty sector is projected to grow yearly by about 15 % in the coming couple of years. The country’s top cities like Hyderabad, Delhi, Bengaluru, Mumbai, Pune, Kolkata, and Chennai, have experienced major growth in the past couple of decades and are expected to grow manifolds in the coming years.Mumbai’s property sector has gone through a few hiccups in the recent past, but has witnessed relatively steady growth and is strongly bouncing back. Many reputed names in the arena, vouch by the fact that no matter what the economical condition of the country might be, Mumbai’s realty seldom sees a slump. If facts are to be believed, the Mumbai real estate market has seen almost a 16 % rise in property registrations. Many big scale residential and commercial properties have seen a huge positive response from potential buyers. This trend is expected to continue for a long time.