Real Estate in India – Property in India
Real Estate has been one of the booming verticals in the Indian economy. Its rise began in the early part of 2008 and ever since there are only positives and growth that one gets to witness. Some people even joke saying that if you invested in real estate in India at the right time, then your future is safe and you are rich – others keep planning and contemplating a career switch to get a piece of the Indian real estate scene. With so much activity and buzz around Property in India, it is easy to assume that the sector would have saturated and the gains nullified, but strangely that is not the case. Every second week is a new project launch and every month is an addition to an existing project offering – real estate in India seems to be doing everything right to be able to grow and more importantly sustain the growth over such a long time. Property in India is a very vast topic to cover in one article, so let’s just focus on real estate in the Delhi NCR region. The Delhi NCR region is home to a large number of real estate companies and home to an even larger number of property projects which are in the offing by them. Ranging from studio apartments to ultra luxury golf homes, the choices are unlimited and so are the benefits offered by the different projects – some have even roped in celebrities to promote their property projects in India. Consumers are spoilt for choices and options, if one decides to pick up a particular project apartment, but cannot get allotment, there is nothing to worry, usually there are multiple projects with the same specifications, amenities, costing and benefits being developed at stone throw’s distance from each other. The real estate sector in India has witnessed immense growth in the last 5 years and with growth comes many evils and the real estate sector is not away from it. Consumers have been complaining about the numerous delays and other problems with their respective real estate companies and accuse them of using their size and power to get away with things – Consumer associations are coming up getting together the different investors of a project together to increase the effectiveness of their complaints and many other social platforms are coming up giving more power to the consumer. What is left to be seen is how the market balances itself now, will the consumers of real estate in India always be on the receiving end or will their social communities and collaborations become powerful enough to take on the real estate companies and demand their rightful share and fines for delays and other issues. We can just wait and watch and hope for the best for Property in India.