The real estate sector in India
is highly fragmented with most of the real estate developers having a rural and
urban presence. Most of the real estate developers have only a regional or a
local presence thus creating a limitation and also there is a minimal
participation from large corporations till now. Some of the major contributors
in the Indian real estate and construction
industry include names like Omaxe, Unitech, DLF, Ansal, Hiranandani and many
more.
Most of the property and real
estate in India are emphasizing on quality and providing their
potential buyers with additional services which mainly include health clubs,
swimming pool, gymnasium, gardens in their projects. The most prominent factor
in the Indian real estate market is that there is a limited ready property with
good developers. The demand from the IT/ITES sector has undoubtedly altered the
urban landscape in India. The booming IT sector in the country is the major
driving force in the country especially for the commercial properties in India.
Apart from that residential properties in India are ultimately benefited of the
economic activities created by the IT/ITES sector.
The real estate and property
prices have not only been increasing in the metro cities but also II tier
cities have come under the property radar. Due to the technological revolution
in the country alongside government’s norms to allow 100% FDI in the industry
has provided additional stimulus to the real estate industry. Due to this
properties and real estate in India are not only
attracting domestic as well as foreign investors.
Some of the major property
destinations which attract buyers round the year include major metro cities
like Delhi, Bangalore, Mumbai, and Hyderabad. Due to the decent appreciation in
the property and real estate sector buyers are also investing in two and three
tier cities. Among the residential segments in India, Gurgoan has seen a
fundamental change in not just its skyline but also in its fundamental urban
demographics. Gurgaon has witnessed a complete face lift with the advent of
Shopping Mall and the BPO culture.
The outsourcing industry has also
changed the face of commercial properties across India,
but its greater impact has been observed on the rising disposable incomes and
increased consumerism. Rental value of the properties of most of the Tier I
cities is increasing at a very fast pace. Buyers have started giving a serious
thought about purchasing an apartment as the installment for home loans are
almost equivalent to the amount they spend on paying the rent for their home.
The buzz in real estate sector
however, is limited to areas such as retail, commercial and housing sectors.
This growth can be endorsed to various elementary factors such as emergent
economic trends and rising business needs.
