Deciphering the Future of Indian Real Estate Sector
The phenomenon of real estate has been an essential aspect in the growth and development of every economy through the contribution and the potential that it brings to every state in their effort to increase and preserve their cultural heritage. As the word goes “once a fixture, always a fixture”, this aspect of real estate has not only being beneficial to the government of a country, but also to its citizens who finds it as an important asset in their livelihood be it through ownership, purchase, retail and even mortgaged of these property. Due to the constant need of the population, there have been these high demands for the construction of real estate through infrastructure, residential buildings, students’ accommodation, market warehousing and other relevant infrastructures. The government of India has not been left out in promoting and encouraging the development and potential in the real estate sector. The building of huge infrastructure, students’ accommodation, market warehouses, rental services and building have been the objective of the government in ensuring that the living condition of its citizens should be cater for. The problem is not just only providing or making these services available to the local population, or other user. The issue is whether this real estate in the country will meet the taste of time through the provision of the necessary facilities and services needed by the local population. The increase in the local population and the high cost that a citizen has to incur in having access to this real estate has been a course for concerned. The question is to ascertain whether engaging in this real estate, the government of India takes into consideration the living standard of its citizens, the income network and even the affordability of the real estate. The situation about the maintenance and the sustainability of such real estate should be of prime concern. The government when putting in place reforms for real estate, do they take into consideration the stake of the society in question? The challenges procuring the real estate sector in India has been of great worries not only to consumers, but also to government, academicians, industry and even research institute who has question the future of this valuable sector in the economy due to the various huddles faced.