Residential property in India is like a mazed puzzle; one needs to be deliberate; take logical analytic decisions; be able to join all the pieces; and probably the most important of all – have faith on God.
10 Août 2016
The real estate market of India has evolved in the recent years and continues to show a sharp growth in this year as well. However, what many of us don’t know is that this scenario was completely different till the time we hit the 2000s. A lot of modifications in the realty sector took place in between and that’s what define it the best. A concept, which started out as an experiment, became everyone’s necessity these days. Whether it is a India property or a residential one, people cannot imagine their life without a proper shelter.
The highs and lows of Real Estate in India
The era of real estate became more significant when we moved on after the year 2010. This was the time it became evident that this segment is here to stay with buyers jumping on to great deals and a place they can call their own. In 2005, prior to the time foreign direct investment (FDI) made its entry, the real estate projects were largely funded by cash flows, private lending and banks. This was also the year that FDI grew significantly as the Indian markets were opening up to global investors to yield better results and funds.
It is also said that post the global financial crisis of 2008, there was a sudden change in the nature of how real estate market was being perceived. This was the time when banks became highly cautious about lending money to the buyers, which ultimately proved out to be a lost cause for developers all over the country. Bank loans to the real estate sector marginally decreased and there was nothing much a developer could do to bounce back in the market.
Moving on, it took some time for the companies to bear the loss of financial crisis and plan out their next strategies to tackle the situation. It was indeed in the beginning of 2010 that the urban sector in real estate started gaining momentum and became one of the highest selling sectors. By that time it was quite evident that the growth of real estate market in India is not just restricted to small towns and cities, but is spread out at every possible location.
Vision for the future
In order to unlock the potential of real estate market, government of India has stepped up and taken a few initiatives. Several packages with new laws have been introduced for certain decisions and to justify the need of rules and regulations in this sector as well. The retail space demand along with the residential areas has become the talk of the town. Rising income levels and decreasing family sizes have made real estate sector one of the most demanding ones.
It is quite a challenge to establish a real estate project in India. Fluctuation in prices with the ever-changing demands has compelled builders to reconsider their decision of offering properties at the right time. The commercial and real estate segment has already recovered from a bump in the road in 2008-09. With these never ending challenges and government initiatives, here’s to hoping that the real estate sector is hereby progressive.
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