According to experts, domestic real estate market in India is worth around $14 Billion. Experts expressed their view during a conference held in chennai.
Experts suggested the institution of a regulatory body to improve the transparency in the realty business that is in the middle of its remarkable growth phase, in India.
"Currently growing at 30 percent per annum, the domestic real estate market is estimated to be of the order of $14 billion," said Manoj Vaish, president and CEO, Dun and amp; Bradstreet, India. The statement published on IndiaPwire.
Economic boom in the country, changes in life style and prospective boom in real estate, all these factors has paved way for development of real estate business in the country. Moreover, the interest exhibited by chief developers and retailing brands in investing in real estate provides the optimistic stance for development.
Main drivers for growth are presence of approving demographics, consumer friendly banks, higher disposable incomes of people, easy availability of housing loans & financing companies, government regulations supporting investment from global investors and proficient attitude in real estate dealings. As a result of globalisation, multinational companies are setting up their offices in India and they require land for use. Consequently, the prices have increased and the realty sector is experiencing a boom.
Owing to augmented demand in metropolitan cities, prices have escalated. So the cities are growing in all directions to accommodate and satisfy the growing demand for land.
As stated by industry experts, all the sectors BT, IT, industries, and healthcare are exposed to growth. Also, there's a huge lack of space (almost by 6.7 million housing units) in housing sector of urban India.
As per the research analyst at RNCOS, taking into consideration economic boom in India and impressive demographics, the real estate sector is expected to experience positive growth. Precisely, middle-class would give motivation for transactions in real estate. Increased personal disposable incomes would be another reason for the growth. Investment in the real estate business in current scenario is a winning bet for sure.
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