The
residential real estate sector is considered as the backbone of the
Indian economy to significantly contribute about 6% of the country’s
GDP. It is also envisaged that there would be a further rise of 7 to 8 %
on the net GDP contribution by the sector.
Indeed, the residential real estate in India
plays a key role in the nation’s economy as it stands second after
agriculture in terms of generating employment in the country.Let’s take a
glance on some interesting facts of Indian realty arket.There are some
convincing facts that push the demand of property in India.
According
to Jones Lang LaSalle, the rapid economic revival in the nations like
India, Russia and Brazil would lead to faster growth of the property
markets in those countries compared to the realty markets of UK and US.
From
late 2009, the Indian property market has set a benchmark and started
an unstoppable journey of growth. Within a time of 5 years, it is
estimated that there would be up to US$ 12.11 billion investment. over a
period of 5 years.
The
real estate growth is now no more confined to only metro cities. The
expansion of the realty market is set to spread on a pan India basis.
All the cities including the tier-I and tier-II ones are included in the
list and has tighten their belts.
Residential
real estate covers about 80% of the property market. While the
remaining sectors constitutes hospitality, retail and other commercial
structures. Despite covering the larger strata of the market, the
residential estate is envisaged to boom over the next decade and set new
benchmarks. It would not be wrong to say that ‘Sky is the limit now’.
Modi
government has proposed to build houses for Economically Weaker Section
(EWS) & Lower Income Group (LIG). The initiative, that will provide
interest subsidies & financial aid, envisions building around 110
million individual units by 2022, the 75th anniversary of Indian
independence. With an objective of inculcating utmost transparency,
Government
has proposed a slew of regulations in the form of Real Estate act make
it mandatory for the developer to share all the relevant information
regarding projects with the Real Estate Regulatory Act (RERA). It also
stipulates that developers should park 70% of their cash inflow in a
separate bank account to ensure better linkage between cash inflows
& project construction. The act will also make developers liable for
any delay in construction. All these factors have helped in building a
trust relationship between buyers and sellers or builders/ developers
and investors.
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