India’s property market has done very well in the year 2016. The coming year can be called as the bumper year for realty sector in India. There is a great turnaround in the property market of India which was undervalued for all these years. The realty giants look at the Indian market very confidently and are making huge investments worth millions of rupees to grab the opportunity.
The lucrative property market of India is so tempting that major realty giants across the world are eyeing the market of India closely and they are willing to invest in the Indian property market. As per the research conducted by Thomson Reuters, the current growth of the economy is 7% which is an excellent growth rate and has opened up ample opportunities for different business sectors to grow up. The coming year is projected for 7.2% growth rate of economy which is again remarkable and talks a lot about the business avenues that will open further.
The major boost to the realty sector is coming from the middle-class sector who are pushing themselves to settle down with the properties of their taste and preferences. With double income trend becoming popular in India, a lot of middle income buyers are getting into buying good properties. Moreover, a good amount of support is also provided by the banks and the other financial institutions to make hassle free payments through friendly payment plans.
Incidentally, China registered an economic growth rate of just 6.7 % and the growth rate for the next year is expected to slow down by 6.3% in the coming year. This has shifted the focus of all big multinationals to India rather than China. The Indian economy now is highly consumption driven and the banking schemes and support has only matured over the years. The Central government has also cut down the interest rates multiple times to make borrowings hassle free.
The Urban Land Institute of India has cited that Mumbai and Bangalore will be the chosen realty destinations for major investments. The real estate in India is metamorphosing into modern world class infrastructure. Globally, Tokyo and Sydney have been topping the lists of investments from property stake holder since past three years. The rankings might be replaced by Mumbai and Bangalore which are growing tremendously every year. The poor infrastructure of India for all these years is throwing up many opportunities for the sub urban residential development to change itself.
New residential neighbourhoods are being created with ultra-modern amenities to support a comfortable living. The property in India is changing rules and norms with serious efforts being put to create REIT market but the red tapism that had been existing in India for so long has been holding it back to get into a genuine REIT market. Though, the amenities are changing the ways people and government machinery have been working for all these years.