India today needs global products and large scale regions to be developed which has to have inherent quality of having a good financial ecosystem, legal ecosystem, administrative ecosystem and the ecology of real estate has to function under the regulatory environment. But the regulatory environment should not be restrictive and instead focused to give impetus to the industry.
Real Estate in India is touching great heights and you will find many Property Consultant and Brokers sitting to finalize a deal with the buyers. Once in a lifetime everyone wants to experience – buying a residential or a commercial property and it is a requisite to be extra cautious while buying a property in India.
Till the ‘90s and even early years of the last decade, commercial real estate was being built as just another asset class to be leased out to entrepreneurs who would start or expand business as and when required. Most office buildings were largely built in the central business districts of various cities, functioning primarily as the central node where most of the commercial activity of the city took place.
We are all talking about reforms in the Indian real estate. However, while a structural reform is the need of the hour, it is equally important to understand that efforts to regulate the sector by almost all possible players in the ring are actually detrimental for the overall growth of the sector. This also raises the fundamental question as to reforms at what cost and for whose benefit.
The operational inexperience of the developers’ is also being sewn up through strategic tie-ups with the majors in the hotel industry. An improving economic scenario and demand for more hotel rooms across categories is persuading international hotel chains to sign new management contracts with Indian developers and property owners, according to analysts. The industry will witness the announcement of a number of new hotels in the year ahead.
Some developers believe in the age when everybody is constantly looking forward to upgrade, luxury residences should not be seen just in the premium super category. As a matter of fact, Purvankara has successfully initiated the concept of luxury affordable as well. According to him there is no dearth of buyers; rather the challenge is for the developers to execute a luxe living.
Developers are outdoing each other in bringing the latest technology, and offering exclusive amenities and luxuries, not to mention the big-ticket designer names. Track2Realty finds the concept of luxury living is increasingly being redefined as the Indian real-estate market matures. There is no dearth of buyers either, provided luxury living is customised with buyers’ profile, taste, choice and needs.
It is a latter-day fact that project development on the outskirts of Indian metros begins before the necessary infrastructure has been put down. This happens because demand for developed spaces in cities like Mumbai, Delhi, Bangalore and Chennai is high enough to make even hastily established projects financially feasible for developers.
Indian realty firm Synergy Property Development Services Ltd bagged, through international bidding, a $153-million township development project in the central African country of Rwanda.
Puravankara Projects Limited has ventured into the Kingdom of Saudi Arabia to cater to the Indian housing needs of NRIs residing there. With the increasing interest among Indians in the Kingdom of Saudi Arabia to invest in luxury and affordable luxury homes back home in India, Puravankara is now well poised to tap this potential market with a permanent presence in the Kingdom of Saudi Arabia through its new branch office in Al Khobar, Dammam.