The evolving face of Indian realty pushes us to take notice of how rapidly the faces of various cities are transforming here. Non Resident Indians (NRI), or global investors or anyone else, India continues to be the preferred destination for property developers. The changed government stands towards Non Resident Indians investments in the country and the various other investments friendly policies have positively affected the country’s real estate scene. In 2013, The Real Estate Regulation and Development Bill approved by the Union Cabinet is a strong initiative which is aimed at delivering a uniform regulatory environment to protect and preserve the interests of the consumers. Moreover, it also looks into quick verdicts of disputes and ensures a smooth and well planned growth in near future.
Rapid urbanization, ever developing infrastructure, growing trend for nuclear families, rise in buying potential, easy availability of home loans, the urban to rural migration and the rapidly growing demand for homes are major reasons for this boom in India’s realty sector.
In fact the age of potential home buyers at the Epitome by Radius Developers has reduced drastically, which is ofcourse one of the important points to be noted down. In past, a person in his late 30’s would think of buying a home, but today under the changed scenario, properties are being bought by people in their late 20’s. This paradigm shift is due to the rise in the income in various verticals of the working society.
Now, real estate is counted as the second largest sector that generates a multitude of employment opportunities. This sector contributes to almost 6.3 % to India’s Gross Domestic Product (GDP). The realty sector has undergone a drastic transformation in the past decade. Many property developers in India are motivating the buyers to abandon their conceived notions on homes and are providing them with innovative residences instead. The developments which were once concentrated to only the big cities today have engulfed smaller cities and towns. The improved radical progress and standard of living in various professional verticals have made the sector transform very rapidly with very few backlogs.
According to various survey reports, India’s realty sector is projected to grow yearly by about 15 % in the coming couple of years from now. The country’s top cities like Delhi or Hyderabad or Bangalore or Mumbai and Chennai have experienced major growths in the past couple of decades and are expected to grow manifolds in the years to come.
Though Mumbai’s real estate sector has gone through a few hiccups in the recent past but it has witnessed relatively steady growth and is strongly catching up. Many reputed names in the arena which are vouched by the fact that, no matter what the economical condition the country is going through, Mumbai’s realty seldom will sees a slump shortly. The Mumbai real estate market has seen almost a 16 % rise in property registrations as many big scale residential and commercial properties have seen a huge positive response from the local potential buyers. And this trend is expected to continue for a long time.