How Indian Realty Industry Changed In Last 6 Decades

Apart from landscape, the country has witnessed several many changes in terms of lifestyle, technology, amenities and so on. Newer technologies have been introduced to bring changes in the construction ground and also to develop amenities to simplify life of people. Besides, the real estate industry has become more competitive than before. Now, developers come up with innovative ideas to make their project sell by attracting potential buyers. Traditional residential buildings have also made their shift into gated townships, villas, villaments and luxury apartments. Developers are offering lot many amenities under one single roof to attract buyers. “The competition within the sector has benefited property buyers as many developers today are actively engaging the services of international designers and architects for their projects," added Yagnik.

Despite the fact that the real estate sector has undergone many changes over time, still the sector needs some improvements in areas like project approvals, sector regulation, property transactions and finance, to name a few, which will further increase the potential of the industry. "The country has seen a growth rate of 8-9 percent in the last decade with a 25-30 percent increase in urbanisation. If the infrastructure sector can be given industry status why not real estate? This will facilitate cheaper credit to the industry. Enough finance is still not available to the sector. The government needs to act as a catalyst and not an impediment. Single-window clearance is the need of the hour; timelines need to be reframed," said Shailesh Puranik, MD, Puranik Builders.