Real estate boom blows every one out of way by Archana
in Finance / Estate Plan Trusts (submitted 2008-10-10)
The prices of Real estate property in the Indian democracy is on all-time high, thanks to the all round development of the economy.
Real estate sector is one sector in India that has witnessed some outstanding growth in the recent past. Being hailed as the most phenomenal development ever occurred in the Indian history, this overall changeover in the real estate has proven to be a landmark. It has directly and immensely contributed to the maturation of India as an economy. Due to this remarkable onto-genesis, India is now counted as a developed nation. This transition from developing nation to a developed one has not taken much less time than is usually taken by an economy. This clearly tells every one about the giant leap taken by India.
Many factors can be held responsible for this sudden change on the real estate front. The first and the most important being the problem of accommodating ever increasing population. Yes, it is one of the basic reasons that has contributed quite significantly to this fulminant change. India is a country that is home to around 1/6th of the total population present on this blue planet. However, despite being the seventh largest country, it is now becoming increasingly difficult to support such a huge population (which has now crossed the mark of 125 crores in numbers)with the same infrastructure. With more jobs pouring in and increasing standard of living, people are now not willing to settle down for any thing less than what they desire for. Due to this changed attitude people are now willing to buy piece of lands, flats virtually at any price. This is a major reason that has kicked in the prices of real estate property.
Another major factor is the liberal policies of government. In past few years, the development seen by Delhi and NCR region is nothing but stunning. This all began after, Ghaziabad, was declared as the 'sixth most dynamic city to live in' a title which no else city in India has. This title found Ghaziabad a place on the World map - rare recognition indeed. After that there was no looking back, along with Ghaziabad, Noida and Gurgoan were the other cities that became hot cakes for almost all the real estate developers situated in various parts of the world. These cities are education, job and fun hubs for the young generation. Ghaziabad is home to IMT, a highly recognised management institute and also has some 21 multiplexes. Noida and Gurgaon boast of having ample BPOs, KPOs, ITES and export centres in their region, thus making them exceedingly popular among the job aspirants. This development has been all due to the liberalised outlook of the government. Due to these policies, past few years have seen a tremendous inflow of eminent names of corporate world into these regions, which has catapulted the prices of real estate property to an unbelievable mark. The policies adopted by government that have allowed 100% FDI participation too have played their part in this direction. Other factors such as growth in tourism sector, rise in number of nuclear families and most of all, real estate are being cited as prominent investment alternatives. All these factors have added to the rise in the prices of the properties.
With prices of property rocketing to an unimaginable level, it has now become very difficult for the people residing in country to get the residential place of their choice. Although, availing loans too have become very easy but loan products are yet to cement their place in the hearts of Indian people. But even then people today are smart enough to take the cue from others and are preferring to go the loan way. They are not hesitating to take the help of Internet and are not even shying away from the idea of seeking professional help. There are many websites that can provide adequate information about home loan products offered by various authorities. The best part of this is that you can easily indulge in home loan comparison. This feature of home loan comparison helps the prospective buyers to take a sensible decision regarding loans that could suit their budget as well as their requirement.
