Scenario Of Housing Market In India

Bangalore : Residential and commercial real estate sector is in boom in India. Buying a house still remains an outlying dream for thousands of property buyers. In the last 15 years, the deregulation of the economy, Indian housing market has taken an upturn and it is anticipated to grow USD 14 billion to a USD 102 billion in the next upcoming years. But on the other hand, the continuous slouch in the Housing market has resulted a severe affect to the property development. This upturn growth is attributed to favorable demographics as increasing purchasing power, new existence of customer friendly bank, Housing finance companies and professionalism in the Housing market. The several favorable reforms have been initiated by the government to attract the investors. Real estate plays a noteworthy role in deciding the economy of our country. This Real estate sector alone has a capacity to create the job opportunities for 17 million of people in India by the end of year 2025. But for this Government is also essential to play its role, so the economic boom is reflected in the GDP of the country. As per the 2013 statistics now Rs 2,54,000 crore is required for utilization of 3.6 billion square feet property. Total 98% is concentrated in the residential areas. Across the Delhi the residential sector, there has been launched many projects. In the year 2013 of the aftermath of elections is more. The festival season of that year was one of the gentle in the last 5-6 years. In spite of enormous potential of this sector at churning out huge revenue and contributing to the country's economy by creating job opportunities for lakh of individuals. Nevertheless this sector has got to endure and overcome plenty of challenges. The devaluation of the Rupee in the world economy acted as the main delay that prevented many companies from investing in this Real estate sector. In spite of the existing scenario the Real estate in India is the fourth most invested sector. As the world economy changes overnight, still there is a hope for real estate sector on India.