The real
estate market of India has been in focus since the time it has been generating
business. Several developers are trying to learn the art of selling properties
whether it is a commercial or residential one. There are several factors owing
to the stupendous expansion of property in
India and one of them is stability. In the initial phase of this business,
the market projected huge variation in the prices and future plans, however, it
picked up pace after the year 2009 and has been unstoppable since then.
On the way
to become one of the highest grossing industries of India, real estate has been
able to generate traffic because of the following organizational reforms by the
government-
Smart City Program
Launched
officially by the government of India, the smart cities mission comprises of
rules & regulations that are ensuring a steady development for the country.
The mission aims at developing 100 cities into a profitable and sustainable
environment for investors all over the world. By modernizing the existing
cities into high-end and luxurious locations, government is leaving no stone
unturned to enhance the present real estate industry of India.
Real Estate Regulatory Bill
In order to
bring clarity and transparency for both buyers as well as developers, the
Indian government has passed the real estate regulatory bill this year. Over
the years, there has been absence of a governing body looking after the ups and
downs of real estate in India. However, with the passage of time this
need is being rectified and the regulatory bill is here to ensure that. While
it is there to help both the parties, buyers are going to get benefitted the
most out of it. Often lured into fake promises by developers, investors can now
know everything about a property they are investing in. From government
approvals to project layout, everything is going to be completely transparent
for buyers. Apart from these benefits, the regulatory bill is here to make sure
that there are no more forgeries in the realty sector of India.
Make in India
The
government has approved Make in India property
in the year 2014 and it has seen quite a lot of developments since then. The
initiative has been launched with a vision to encourage more business in India
irrespective of their domains. This also includes the real estate projects of
the country that have been at the backstage since quite a long period of time.
One of the prime focuses of this proposal is to increase job opportunities in
the country and by improving the realty sector this goal is being achieved by
the government.
Moving ahead
While it has
been very clear that government has a very major role to play in the economy of
a country, private sector of India also has a huge contribution towards it.
Although, government initiatives are helping out the industry, buying property
in India is still a very delicate process. Hence, it is very important for both
the sectors to work in tandem and achieve a goal of providing homes and
employment to almost everyone living in the country.
