The Indian real estate
industry is changing, and new trends are set to emerge due to the rapid
urbanisation taking place in India’s major cities. In the last decade or so,
the country’s urban population in medium-to-large cities has grown to 410
million people, and this figure is expected to reach 814 million by 2050,
according to a survey by the World Economic Forum. Let’s have a look as to how
the real estate business in India will shape this year.
● A study by PwC, Real Estate
2020: Building the Future, predicts that the global stock of
investable real estate will expand by more than 55%, from US$29.0 trillion in
2012 to US$45.3 trillion in 2020. It may then grow further to US$69.0 trillion
in 2030 — even more so in emerging economies. There will be competition among
countries to attract investors. India needs to promise a more professional and
transparent market to attract foreign investment. Standards and professionalism
are the bedrock to instil confidence in the market.
● The biggest reform in the
sector — the Real Estate (Regulatory and Development) Act, 2016 — has made real
estate significantly more transparent. Buyers can now access information about
developers, their track record, details about projects, the status of approvals
etc from RERA’s website. It is mandatory for real estate agents to register
with the state real estate authorities and share their details on the
authority’s site — this will eliminate non-registered property brokers. Another
reform measure, the Goods and Services Tax, eliminates multiple taxation in the
sector and has paved the way for better regulation and improved transparency in
the sector.
● Cities are an engine of
growth and development in India, they contribute to almost 70% of gross
domestic product (GDP). New cities with good infrastructure will attract
industries that can create employment opportunities and take the pressure off
existing, overburdened cities. This will lead to substantial growth in the real
estate industry. A 2010 report by McKinsey Global Institute, India’s Urban
Awakening: Building inclusive cities, sustaining economic growth, projected that 700–900
million square meters of space, the size of the city of Chicago, will have to
be built every year to accommodate India’s growing urbanisation.
● The Government's efforts
to boost "affordable housing" by conferring "infrastructure
status" to this segment and announcing various tax incentives will
continue to attract more prominent developers to realign their products to
compete in this category.
Sanali group is one of the most valuable and trusted real estate
development companies. It is a pioneering developer of many high profile
projects. The sanali group has
achieved proven competencies in property, IT parks, shopping malls and retails
and hospitality and leisure.
To read more :- Sanali Group - Pioneer in Real Estate
