It is a fact which is well known to all that real estate is an important industry for any country across the world.All the countries are making constant efforts to develop their real estate market and India too is no far behind.
Since, the inception of Independence in 1947, housing and development if the real estate market has been a prime concern in India. India has seen several policies revolving around the real estate market and in these 73 years, a lot of milestones has been achieved. However, a lot of unchartered domain remains to be conquered.
In this article, we will not only have a look at the greatest milestones that we have achieved in the past years and how are we planning to make most of the real estate sector in future.
The Milestones Achieved by India in the History of 73 Years
- The very first milestones towards the development of real estate sector in India are the forming of the planned cities of Chandigarh and Gandhinagar in 1952 and 1960 respectively.
- The second big milestone could be passing of the Maharashtra Town and Regional Act of 1966, which first saw the blue plans for the development of planned township.
- The years from 1994-99 saw the making of India as the complete real estate force. The prices of real estate properties started to rise due to foreign capitals and investment of NRIs in India. However, the realty market witnessed a slow down after 1995, due to lack of capabilities of protocols and policies.
- The years of 1997-98, were the worst in terms of foreign investment as the country’s real estate market was also affected by the Asian crisis and the capital investment by foreign countries suddenly came to a complete halt.
- The next big milestone in real estate was when the millennium was knocking at the door. Indians came face to face with the first organised retail marketing experience much like Walmart in the U.S. Ansal Plaza in Delhi and Spencer Plaza in Chennai first introduced Indians to the mall culture. Since then, in the coming decades malls became a very important chapter in the commercial real estate history of India.
- The approval of the government to rebuild and restructure the brownfield airports, such as Delhi and Mumbai, and through the public-private partnership model the development of airports in the cities of Bengaluru and Hyderabad marked a new chapter in real estate in the year 2006.The concept of airport cities and the airport precinct city development also came into origin with this historical decision of the government.
- The final milestone which was achieved was in the year 2017 in the month of April. The declaration of RERA Act came as an answer to thousands of people who had invested in properties which were not handed over to them in time. RERA marked a new age in the history of real estate in which the real estate builders had to handover the flats to their owners in an estimated time frame.
The New Milestones which the Real Estate Market hopes to achieve in the coming years.
- In the last 73 years, Real Estate has been showing huge developments and it is also aided by the government policies, the job index and the overall development in the country’s economy. However, there are more unchartered territories which the Real Estate Market for everyone is wishing to cover.
- First of all, the Real Estate Market is moving with a bird’s eye view towards the propaganda which is affordable housing for all within the year 2021.
- Besides that, the experts in Real Estate feel that the houses need to be more compact and should be designed to be able to accommodate the mass population. The future housing might see the skyscrapers of 100 stories where although the housing might shrink in size, would be of multiple utilities and go hand in hand with automation but more of recreation areas call it of house living.
- Besides, all the new housing facilities would come with all the basic facilities like ATM and shopping malls incorporated, so that the dwellers do not have to step out frequently to get the things of their daily needs.
- Besides, co-living and sharing of workspaces would also become a trend in the coming years. This would relieve the job seekers of a new age of hassles of finding accommodation in hotels or Pgs. Besides, more government schemes like Pradhanmantri AwasYojana would also show a new path to the future of the real estate market in India.
- The real estate will experience a huge change with the new technology into the industry. People will shift their vision from ordinary homes to smart homes to meet the expectations of high-tech living, where comfort and luxury are just a click away.