The changing face of the Indian property market
With over fifty years of independence, India is rapidly emerging with a whole new outlook. Thanks to the growing real estate industry, the impact of urban development is not only felt in metropolitan areas but also in satellite cities. Renowned developers are making huge investments to bring about a complete revolution in the infrastructure of major towns and cities. Shopping centers, business centers and multiplexes are springing up in large numbers, contributing to this emerging urbanization trend.
The reasons for this sudden boom in real estate can be attributed to the return of Non-Resident Indians (NRIs), who find an avenue in this sector to invest their funds. Multinational companies are also establishing their bases across the country, with cities like Bangalore, Pune, Hyderabad, Chennai, New Delhi, Gurgaon, Kolkata, Noida and Mumbai leading the way. Consequently, the real estate sector of these cities has become a spectator of some drastic changes.
Gone are the days when the Indian property market used to be disorganized. With investment from industry bigwigs, the Indian property market is setting new examples for itself. Government support has also been very appreciable, with the introduction of new policies that champion the cause of home buyers and developers. Apart from the Tata, Wadia and Godrej group, the Hiranandani have also been successful in the foreign market. This positive trend would certainly be of great help to Indian builders in bagging international projects.
Construction activities across the country certainly meet international standards. However, developers are constantly looking to introduce additional or unique features into their projects. Six-screen multiplexes, shopping malls, lifestyle houses; Environmentally friendly e-malls are some of the examples to mention. The emphasis on an environmentally friendly lifestyle is growing day by day, where the main objective is to create a green and natural environment. Mumbai-based builders like Raheja and Hiranandani are responsible for some mega-municipality projects. On the other hand, Delhi Bangalore, Gurgaon and Vizag have shown how a real estate boom can be triggered. Kolkata and Pune are not far behind either. Builders Avani Group, Bengal Ambuja and South City have made outstanding progress in this industry. Gera Developments and Nyati Group are some of the renowned builders in Pune.
As the Indian real estate sector heats up across the country, more and more industries will find themselves investing in the sector. The parcels are available for sale or are rented for long periods. The owners are having a great time if they have a plot in a prime area of any of the meters. For example, one can lease a property in Kolkata or set up a plot for sale in Pune with almost the same profit. The time has come to dismantle all the traditional buildings of the colonial domain… the new infrastructure is ready to take over!