India is the second largest populated country in the world. Hence, the residential real estate sector forms an important industry. Along with the growth of the commercial sector, the demand for the residential sector is also increasing due to the growth in number of high salaried professionals working in MNCs and corporates. In fact, the development of the residential real estate sector is no more restricted to metros but has spread to suburban regions, villages and SEZ.
The demand for residential real estate in India is not only among Indians but also among the NRIs. They find the market to be highly lucrative for investments. Due to the favorable government policies like relaxed FDI rules, the prospect of residential real estate yields is quite high. Let us go through some features of residential real estate market in India.
Residential Real Estate Market India
The realty builders are not just restricted to real estate construction but also have diversified to great extent. They are also now involved in estate valuation as well as property management services. They are also involved in listing agents and brokers as they get themselves registered with governmental body.
In the tenth five year plan, it has been estimated that there would be a shortage of 22.4 million dwelling units. So, to meet up the crisis, about 80 to 90 million dwelling units are planned to be built in the next 10 to 15 years.
According to the latest trends, the demand has shifted towards affordable homes. As a result of which, developers are now focusing on development of residential projects by offering small sized yet well equipped top class urban amenities.
The valuation of the residential properties has increased dramatically over the past decade. With more and more establishment of commercial offices along side with the residential units, cities like Mumbai, Delhi NCR, Kolkata, Chennai are now witnessing soar in prices in the real estate sector.
The quality and the architecture of the residential sector has undergone massive change due to accumulation of disposable income among the growing middle class. The sector is estimated to be growing at the rate of 30% to 35 % per annum.
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