The Residential Real Estate Developers In India have ventured out full time into construction and development of large-scale housing projects in order to cater to the demand of residential property for sale. India residential property is a magnet for not just the local real estate developers but also the foreign investors especially the NRI Investments in India have a major chunk into the residential property market.
Residential Real Estate India
80% of the real estate market is residential property India. According to a survey conducted, residential properties reported an average growth rate of 24-30% in the prime metros of India like Mumbai, Delhi, Kolkata and Hyderabad, Chennai and Tier-ii cities like Jaipur, Goa and Pune. The growth has been extraordinarily encouraging in revenue generation from the real estate sector of the Indian economy. There are various reasons in our growing middle class economy to contribute to the boom in Indian real estate, whether commercial or residential.
Demand for more apartments in India on rise
Population in India is expected to reach 1.3 billion by 2020. This indicates that there will be a rise in demand for residential properties for at least 90 million dwelling units.
Availability of easy finance schemes
Various home loan schemes at very competitive interest rates offered by the big giants like ICICI, HDFC, HSBC etc. A big jump in the heavy spending patterns in the middle class economy.
This has been primarily due to flocking of big multinationals known to be exceptionally good pay masters, westernization of consumption habits, easy investment opportunities which are pretty much alluring etc.
Relaxation in FDI rules for venture capitalists which has increased the inflow of foreign capital in real estate India Another prominent feature of urban India is the fact that infrastructure has been finally picking up. Take the case of 8-lane national highways as in Delhi-Jaipur road through Gurgaon, one of the fastest selling residential properties India.
Influx of IT and BPO and other major MNC professionals in metros and nearby areas have also helped in more and more Homes for sale.
The Indian government provides development plans that will list the residential property for sale in the various cities of India like Delhi, Mumbai, Bangalore, Pune, Hyderabad, Chennai, and Gurgaon etc. They also list the real estate agents and brokers dealing in residential real estate in India. All the Leading Residential Real Estate Developers are also registered with the governmental body.
The Development Authority conducts residential real estate auctions for the sale of residential plots and properties. They also determine the Residential Property Taxes to be paid to the government. Regularization of construction works on an allotted piece of land is also the work of the development authority of that area. Residential property act lays down the guidelines for sale and renting of residential property in India.
|
