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             31 October, 2020
 

    
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Property Uprise in India

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2007-04-09 12:52:37     
Article by Smantha Sen

The matter of residential rental properties in India is soaring high. This situation is created in the past ten year or so with the advent of so many multinationals companies and the concept of BPOs and KPOs in the country. The enormously growing population and shortage of land have also contributed in this subject. The super speed of industrial development in this country of population of more than 1.25 billion has brought many brilliant talents from the hidden corners of the country to the centre stage i.e. in the metro and big cities. This huge shifting of population created troubles of required accommodation in those big cities. It was the challenge for the authorities to accommodate all those migrants. After information technology, the property or real estate rental sector became most dynamic sector in the Indian business scenario in the last few years.

Major factors that are responsible for bringing about this change include, increasing popularity of electronic commerce among people, growth in information technology, information technology-enabled services industry, emergence of India as an important investment centre in the world market, growth in foreign direct investments and others. This budding sector is today witnessing growth in all its major segments like, residential, retail and commercial in all of the metropolitan cities of the country like Delhi, Mumbai, Chennai and Kolkata.

At present the country's commercial and residential real estate market has a price tag of about $50 billion, and is expected to grow 25% in a yearly basis. This growth in the property market is being led largely by the rapid expansion of its information technology industry and the simultaneous growth in the purchasing power of the Indian middle class. Major growth is being witnessed by the commercial property sector as more and more multinational companies are entering the Indian market. Foreign information technology and customer services companies of the BPO sector are renting large commercial spaces in order to expand their business process in India. The growth and the highly mobile nature of the Indian middle class have brought about a boom in the residential real estate segment. Today, people are ready to pay large sums as rent for apartments, flats and homes in metros. The rapid rise in the number of lessee has been compensated by reciprocal growth in the number of landlords. People have come to know the residential real estate as an important investment option. Today, they are investing heavily in the residential real estate market and leasing their homes and apartments for rent and this has further boosted the property rental sector in India.

Moreover, the key factor behind the sudden rise of the Indian real estate sector is the changing policy of the Indian government toward foreign direct investment and joint ventures. The Indian government is relaxing and is devoted to relax its trade regulations for multinationals. So, from investors point or price everything is gearing up for a rapid growth in the property rental sector in the next few years. For those who are interested to invest in India this seems to be the right time.

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