Real Estate in India-Witnessing Exponential Growth
In the past decade, the real estate sector has witnessed robust growth. From residential, commercial retail, and recreational property, real estate sector has witnessed exponential growth, in India. Researches state that real estate sector in India contributes to about five percent of total GDP growth.
Growing requirements of space from various sectors such as education, health care and tourism has been a cause of steady growth of the real estate sector. Moreover, urbanization and growing household income has greatly influenced this sector.
There are several factors that have contributed to the sudden boom in this sector. However, the constant rise in the population has contributed largely to the expansion of this sector. In fact, rapid population growth in the country has built a strong platform for the building of more and more residential as well as commercial projects. Apart from that, the current IT boom in India has resulted in many IT companies venturing into the country, paving way for more development and growth of this sector.
Some other factors include the accumulation of resource capital, relaxation of policies made by the government, growth witnessed by tours and travel industry and increase in the number of nuclear families. To further add to this sector’s growth, skilled pool of professionals working in multinational and business firms of international repute add a lot of capital to the resource. Moreover, investment and interest from NRI’S has intensified the growth and has further pushed the Indian real estate market way beyond its actual caliber.
Market analysts are of the view that by the end of 2012 the Indian property market will be on the edge of experiencing a boom. In fact, experts say that the property market in India is geared up to enter a recovery stage. In fact, after the agriculture sector, the real estate sector has become the second largest job providers.
Catering to the demands of the consumers of all levels, real estate sector in the country is now witnessing major growth, with investors lining up to get hold of some of the best deals. The real estate has added momentum to the growth of the Indian economy.
The rising demand for residential as well commercial properties has paved way for real estate companies to set up a strong foothold in the market. It has proved to be one of the most lucrative sectors existing in the country as it has attracted a large amount of funds from abroad, private equity funds, domestic funds and venture capital.
Vinit Singh is the G.M. (Corporate Sales) of Antriksh Golf City. Antriksh-golfcity.co.in is the one of the leading Indian residential real estate companies situated at convenient locations in Noida.
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