NRIs- Major Contributors of the Real Estate Boom in India

The boom in real estate sector in India in the 21st century is expanding
its wings even in remote towns. Leave aside metro cities, smaller towns
have attracted construction activity from big developers. Shopping malls,
skyscrapers and new infrastructures are shaping new India.

The whopping growth in the Real Estate Sector is directly connected
to the return of the prodigal NRIs (flush with funds), foreign direct
investments, multinationals entering every nook and corner of the country
to set up base. Be it New Delhi, Noida, Mumbai, Hyderabad, Bangalore,
Goa, Pune or even towns like Cochin, Udaipur, Jaipur the dynamites are
paving new ways. Real estate industry is undergoing massive changes.

Things have really changed for the good in the sector, on one hand
the disorganised industry has become professional and corporate and
on the other hand biggies like Tatas, Wadias and Godrej have created
new benchmarks for property deals all over India. The government, too,
has taken steps, to change and modify policies to suit home buyers and
developers. Some Indian developers like the Hiranandani Group have bagged
prestigious projects overseas. This positive trend will help other Indian
builders to seek genuine buyers and overseas projects.

While all construction activity in the country is on par with international
standards, what is new in the industry? Some developers are providing
lifestyle homes, constructing impressive shopping malls and commercial
properties for new offices. They are becoming environmentally conscious
too. The need for breathing space in metros is being enhanced by projects
that bring residents close to nature. Some of the biggest developers
like New Delhi based DLF group, Ansal, Omaxe and Vatika are emerging
as trend setters with good properties.

Property prices have gone up and are stable. In Goa and Pune farmhouses
and resorts have taken up space. People are buying second homes, farmhouses
and getaways to escape the city life. Even low cost housing has sprung
up in many places around the cities. SRA projects have given hope to
many homeless people and those living in slums to have a roof over their
heads.

The façade is changing faster, so are the lobbies and apartments
and offices-They all have a modern look. The foreign returned architects,
engineers and designers are creating new age buildings. Guess, it is
time for the gargoyles and pillars of the British Raj colonies to disappear
in the India property market. But will the sustainable development be
possible without ruining the natural environment? The developers are
cashing on the property boom. But they will have to take up the responsibility
of taking care of not destroying the usual surroundings.

Photo: Kochi metro construction (16772401269) by Vanischenu, licensed under CC BY-SA 2.0, via Wikimedia Commons.