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Current Scenario of the Real Estate Market in India:
Commercial real estate sector is in boom in India. In the last fifteen years, post liberalization of the economy, Indian real estate business has taken an upturn and is expected to grow from the current USD 14 billion to a USD 102 billion in the next 10 years. This growth can be attributed to favorable demographics, increasing purchasing power, existence of customer friendly banks & housing finance companies, professionalism in real estate and favorable reforms initiated by the government to attract global investors.
Characteristics of the Real Estate Market in India:
- Greater availability of information
- Emergence of transparency and liquidity
- Entry of international real estate consultancies
- Governing legal framework relaxed
- Competitive pricing
- Growing Market Demand
- Realization of large commercial projects
- IPOs by developers
- Gradual organization of the markets in the Tier I cities
- Stated below are the reasons that have led to the real estate boom in the country
- Booming economy; accelerated GDP to 8% p.a.
- India’s emergence as an attractive offshoring destination and availability of pool of highly skilled technicians and engineers ; Development of large captive units of major players include GE, Prudential, HSBC, Bank of America, Standard Chartered and American Express.
- Rise in disposable income and growing middle class, increasing the demand for quality residential real estate and real estate as an investment option.
- Entry of professional players equipped with expertise in real estate development.
- Relaxation of legal rulings and processes by the governing bodies encouraging investments in real estate.
- Improvement in infrastructure facilities.