Real estate is one of the fastest growing sectors in India. The real estate sector in India has grown 30% to 35% during the last five years, reflecting the rapidly-increasing demand for office space, commercial and industrial space, as well as bigger homes now considered within the range of Indias prospering working classes.
The real estate market in India was most hit by the downturn between August and October of 2008 when the sales almost came to a standstill. There were some early signs of recovery in March 2009 and since then prices have stabilised and sales went on to improve considerably by the end of the year.
The growth of the information technology sector in different markets such as Bangalore, Pune and Kolkata will help drive the growth of housing in the regions irrespective of the national IT scenario and US economic recovery would help stabilise the situation in the IT sector and activities in the Special Economic Zones (SEZs) in the country.
Infrastructure is also set to aid the property market revival on a local basis. India has become a new market for investors due to its potential economical growth rate. As a matter of fact, this sector is attracting foreign investor in various sectors like IT parks, medical, hotels, telecom, and residential townships which are being constructed across India. Increasing income levels of a rising middle class is the key reason for growth in the real estate. Aside from the income, other factors such as increase in nuclear families, low interest rates, contemporary attitudes to home ownership and a rapid changing attitude amongst the young working population are answerable for real estate development.
Real estate companies are coming up with various residential and commercial projects to fulfill the demand for residential and office properties in Tier-II and Tier-III cities. For instance, Ansal Properties has several residential projects in cities such as Jodhpur, Ajmer, Jaipur, Panipat, Kundli and Agra. Omaxe has also planned around 40 residential and integrated township projects in Tier-II and Tier-III cities, majority of them being in Uttar Pradesh, Punjab, Madhya Pradesh, Rajasthan and Haryana. The growth in real estate in Tier-II and Tier-III cities is mainly due to increase in demand for organized realty and availability of land at affordable prices in these cities.
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