With the Indian economy becoming a global force to reckon with, the real estate sector in India has witnessed a tremendous boom. Thanks to investor-friendly policies and globalization, the real estate sector of the country has emerged as one of the most lucrative segments for investors and developers. The sector contributes approximately 6.3% to India's GDP.
Ever developing infrastructure, rapid urbanization, higher income levels and greater housing demand have driven the growth of this all-important sector. It is ทาวน์เฮ้าส์มือสอง ราคาถูก estimated that the sector will post revenues worth US$ 180 billion by 2020 as against US$ 66.8 billion in 2010-11.
Real Estate Companies in India
India is the home of many real estate developers. DLF, Jaypee Infratech Ltd, Tata Housing Development Company and Godrej Properties are some of the major domestic players in the industry. International players who have made a mark in India are Emaar Properties, Portman Holdings, Tishman Speyer and Homex.
Investment in Real Estate in India
According to a report released by Ernst & Young (EY) and Federation of Indian Chambers of Commerce and Industry (FICCI), the sector would require an investment of US$ 257 billion by 2015. The report further stated that the sector is expected to generate over 17 million employment opportunities by 2025. Industry players are all set to gain a global competitive edge with Indian economy ready to experiment with Real Estate Investment Trusts (REITs), an advanced funding option.
There are immense Investment opportunities in the sector as the International Monetary Fund (IMF) expects the country's retail realty sector to grow at the rate of around 15% on a year-on-year (y-o-y) basis, over the next 3-5 years. As per a report released by Knight Frank India, India's office stock is estimated to touch 642.2 million square feet by 2017. Several leading firms have planned huge investments for the future, which will further bolster the growth of the sector.
Government Initiatives
The real estate market of India has also benefitted from several policies and schemes announced by the Government of India (GoI). 100% FDI policy in the construction development sector through automatic route is a healthy step taken in this direction. Many states have repealed the Urban Land Ceiling and Regulation Act (ULCRA), which had a huge bearing on urban development. The Reserve Bank of India (RBI) has given banks the authority to come out with new schemes for the development of the sector.
The Real Estate Bill, 2013, which was tabled in the monsoon session of the Parliament aims to set up a regulatory body to guard consumers and promote the sector. It is believed that setting up of the regulatory body will address disputes and improve the image of the industry, which has taken a beating in the past few years amid reports of forgery by developers.
Challenges
Despite growth in the sector over the years, there are many roadblocks hampering real estate business in India. Some of the key challenges faced by the industry are:
• Shortage of Labor • Rising Manpower & Material Costs • Acquiring land for projects
Traditionally, the sector has been unorganized. However, it is slowly evolving into an organized sector embracing professional standards and transparency.
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