How Indian Realty Industry Changed In Last 6 Decades
Bangalore: Since the country has become Republic, it has undergone many changes. It has achieved global recognition in the world economy. And, the changes are seen in many sectors including real estate. Importantly, the real estate industry contributes a major share in the country’s GDP.
Surabhi Arora, MRICS, Associate Director - Research, Colliers International said, "The sector started flourishing with India embarking on broad-based liberalization in post 1990's era when various multinational corporate started seeking permission to commence operations in India. Mumbai, being the financial capital of India, was the first city to witness the influx of financial and services multinational companies. By 1997, the real estate prices increased to the point where the companies started looking for cheaper, cost-effective locations and Indian real estate witnessed emergence of new alternative/peripheral business districts in all the major cities in India," reports
However, the country has observed exponential growth in the housing sector mainly in the last decade. Many new locations have emerged over the period which allowed the real estate market to grow further. Even though, the demands for housing in metro cities are always high, Tier II and Tier III cities are also gaining demand at a fast pace due to its connectivity and commercial feasibility.