The real estate in India is at its best post recession and is gearing up to achieve unprecedented heights. The blissful times of 2007 will be back soon when quality constructions of international standards will be a norm; when property prices will spiral up higher and when the skyline of India will change. Everyone is going to witness a new India in few years in terms of real estate- developed, affluent and growing.
Indian real estate industry has been through ups and downs during last few years due to the fiscal flu that caught almost every economy of the world. Exactly when it was flourishing and at its peak, global recession dawned on the world and melted down the economies. Even though, Indian economy was robust and survived it all through, its growth was slowed down too. The real estate sector was witnessing gargantuan developments with multi-crore projects being launched by the realty honchos. As soon as the recession struck the financial stability of the country, the progress of all the sectors crashed down and even stagnated in some areas. The property projects either remained incomplete or moved with a sluggish pace or were completely scrapped and withdrawn in some cases.
The realty in India has revived almost fully in recent times after a prolonged slowdown of 18 months finally quit the market. The recovery started recently when last two quarters of the year 2010 showed good signs of progress with both developers and investors showing interest in pumping money in the market. Not only did the delayed projects started getting worked on, the new ones were also announced across the entire realty spectrum. Even the employment in Indian real estate has grown manifold post recession with more and more projects being planned and launched in the market. The new development plans involve both affordable and luxury structures promising high quality constructions, modern amenities and world class living. Property developers play a significant role in defining Indian standards of living by creating setups that boast of urbanity, global standards, quality and luxury.
The prevalent property trends in India prove that such phenomenal realty growth in the country has been ignited by the commercial wave. As soon as the potential of India as a business hub was realized owing to the tremendous scope for land development and availability of talented manpower at lower costs, the commercial market flourished remarkably. Noting the need to develop infrastructure and commercial property in India, humungous developments were made across the metro cities. Swanky commercial complexes and offices were built on huge land areas to accommodate the need of business leaders. An excellent business hub was set up with more and more IT and BPO companies venturing in the country. Along with corporate growth emerged the need to develop housing and retail sector to settle down the professionals coming from all around the country. And these sectors started blossoming soon too bringing the idea of rental and PG accommodations as well as the mall and multiplex culture in the country. This is when Indian real estate predictors could see a new era of development in the coming decades.
The commercial property market in metro cities like Mumbai and Bangalore became saturated with buildings in every possible location. The need for more was overwhelming and so, developers began hunting for new venues shifting their focus to tier-II cities and peripheries of the metros like Delhi NCR, Navi Mumbai, Thane and others. It seems like the property market in the entire country is developing all ready to transform it into a realty hub for both locals and foreigners.
