In India currently lot is happening to make real estate more affordable. Across cities, developers have been actively re-configuring their projects to align with market demand, in the process saving on costs and passing on the benefit to buyers. Also, a majority of the new housing project launches have been at lower rates than those of earlier projects launched in the same locations in such category projects.
Current Scenario of the Real Estate Market in India Commercial real estate sector is in boom in India. In the last fifteen years, post liberalisation of the economy, Indian real estate business has taken an upturn and is expected to grow from the current USD 14 billion to a USD 102 billion in the next 10 years. This growth can be attributed to favourable demographics, increasing purchasing power, existence of customer friendly banks & housing finance companies, professionalism in real estate and favourable reforms initiated by the government to attract global investors.
Characteristics of the Real Estate Market in India
Growing Market Demand
Greater availability of information
Driving Forces Stated below are the reasons that have led to the real estate boom in the country
NRI Investment Action
If we take a step back from domestic real estate consumption and look at demand coming from across our borders, the outlook looks very upbeat. Currently, non-resident Indians (NRIs) are extremely active in investing into Indian real estate. In fact, NRIs are among the top five investor communities in the country's property sector. Apart from their natural affinity to India and the fact that NRIs see a higher intrinsic value on Indian real estate over property owned elsewhere, purchase decisions are also being spurred by the Indian rupee's ongoing weakness against the US dollar.
Definitely, considering that buyers have never been more spoiled for choice - and, for that matter, bargaining power. Also, there are seeing hard discounts as well as offers to waive stamp duty and registration charges, VAT, service tax and floor rise premium - all of which translate into an actual saving on the cost of the property. More than in many of the preceding years, this festive season is an ideal time to zero in on the best deal and make that dream home a reality.