Present challenges faced by real estate sector in India

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Recently, Union Ministry for Housing and Poverty Alleviation remarked the need for changes in housing and land use policies in uniformity to the present challenges faced by real estate sector.

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<ul><li> 1. Present challenges faced by real estate sector in IndiaDespite the prolonged global meltdown, Indian economy has been graded as one of the fastest growingeconomies in world. Pertaining to sustained momentum of growth, infrastructural investments havebeen critical in Indian commercial and residential sectors for last two decades. Recently, Union Ministryfor Housing and Poverty Alleviationremarkedthe need for changes in housing and land use policies inuniformity to the present challenges faced by real estate sector.Following rapid urbanization in last two decades and consequent commercialization in metro cities,there is an acute shortage of housing in tier one and two cities. Deficiency of infrastructure to sustaingrowing population and rapid industrialization in these cities has been alarming. As a reprieve to thissituation, government has allocated considerable funds for urban development and constructionactivities in last two five year plans. However, recent industrial conclaves have deliberated on the needfor reviewing housing policies in term of their specification and permitted floor space index in theseareas.This would enable rationalizing the price structure of housing and provide ample space forconstruction of affordable residential units for the mid-end category of buyers.Recently held Confederation of Indian Industry (CII) conclave witnessed the experts sharing the need ofaffordable houses, irrespective of their locations in tier one cities. Owing to prominent contribution ofworking class to Indian GDP, it is crucial to cater this class of workers/laborers with affordable housesproximate to their location of work and consumers of their industry. Digging deep into the prevalentexistentialities of industrial base in India, it is evident that majority of these service caterers reside inslums of metro cities. It is vital to habilitate them in close vicinity of patrons of these services. This wouldenable labor class to increase their output and cater effectively to the consumer base. According to thegovernment, creating sufficient infrastructure in place for these residential colonies in prime areas isbeing considered.IndiaHomes.com, a leading real estate advisory firm considers that a thorough review of administrativepolicies for housing and infrastructure in tier 1 &amp; 2 cities is the need of hour. With rapidly transformingstructure of real estate and composition of population in these cities, a more comprehensive policyneeds to be put in place. The policy would require not just more allocation of funds for next fiscals butalso a better delivery mechanism to be devised to cater effectively to prerequisites of growth. To buyaffordableresidential properties in India has been a worrisome front for citizens with low incomeespecially the worker in unorganized sectors. This can effectively be addressed if schemes and plans forindustry consider all these needs with present state of real estate and infrastructure in the country.With evolving challenges of urbanization and commercialization in India, its critical for realty sector tohave comprehensive approach to its process of operations and growth. All inclusive growth anddevelopment in real estate can only be achieved with due cooperation from governing authorities andforthcoming contributions of developers and other stakeholders in this sector.About IndiaHomes:IndiaHomes is a leading property advisory company, headquartered in Gurgaon. Being Indias No.1property advisory company serving its customers through a network of eight offices in top cities in the</li></ul> <p> 2. country, we empower buyers by rendering them choice and voice. Based on high ethics, professionalservices and transparent dealings, we have created an indispensable space for ourselves and arereinventing the landscape of property brokerage business in India. We maintain the highest level ofmanagement and financial integrity and our entire Management Team is committed to building aprofessional Company keeping with international best practices in the property services business. Weexemplify the spirit of customers aspiring to own a home, by giving them the right choices to make adecision and hand-holding them through the procedure of buying a house. We provide exclusiveproperty news on prominent real estate markets like Bangalore Properties, Gurgaon Propertiesetc.Vision: Empowering Home Buyers with Choice &amp; VoiceValue:Excellence - In Everything we doService - To Our ClientsIntegrity - Of Thought &amp; ActionTrust - With All Our StakeholdersFor any queries about Real Estate in India, contact our property specialists any day a week between 9 a.m. to 10p.m.</p>