How Indian Realty Industry Changed In Last 6 Decades

The transformation of landscape is one of the significant changes the country has witnessed over the years. This means, cities have started expanding its limits and areas which were once categorized under suburbs have now become prime areas receiving maximum demand. Such areas like Navi Mumbai, Thane and Panvel within Mumbai and Gurgaon and Noida in Delhi-NCR, according to a Kalpataru spokesperson. These areas have become developers’ favourite as they are launching more number of luxury residential projects coupled with developed infrastructure and connectivity which in turn making the property prices headed to the North.

To bring growth in the realty market, several initiatives have been taken by the government as well. "Various reforms by the government such as repealing of Urban Land Ceiling Act, altering FSI rules were the key drivers for the real estate development along with the massive infrastructure development. One must also credit the change that was witnessed within the real estate sector.

For instance, this sector, which was once dominated by old contractors, has welcomed the arrival of a new crop of developers, who have introduced a professional approach towards property development and international standards of construction. The country has witnessed revolutionary changes in the cities such as Mumbai, Bangalore, Hyderabad and Pune," said Manju Yagnik, Vice-Chairperson, Nahar Group, reports Economic Times.