I-Day Special: Biggest Milestones that transformed Indian real estate

As India is celebrating its 72nd independence, the country’s real estate market has witnessed a lot of changes in last few years. The market which was not consumer favourable once, today due to many policy reforms has become buyers and investor’s favourite. From affordable housing to technological advancements, Indian real estate has expanded its reach across every part of the country.

Happy Independence Day

Celebrating this Independence Day, let’s take a look on some of the biggest milestone, Indian realty sector has achieved:

  • The central Government’s ambitious project ‘Housing for all’ or PMAY (Pradhan Mantri Awas Yojana) is one of the most ambitious projects till date, under which the Govt aims at providing affordable housing to the urban as well as rural poor. Also, under the Credit-Linked Subsidy Scheme, beneficiaries under PM Awas Yojana are eligible for interest subsidy if they avail a loan to purchase or construct a house. As per the latest data by Housing Ministry, around 1.07 crore houses have been constructed under PMAY (Gramin) in last 4 years and over 51 lakh have been approved under PMAY (Urban) in last one year.

  • The government has also ramped up infrastructure deployment in newly emerging areas which include Tier 2 and Tier 3 cities, where affordable housing can be created easily.

  • In order to fulfill the dream of budget-strung first time home buyers, the government has started many schemes and incentives.

  • The announcement of RERA (Real estate Regulatory Act) has removed many unscrupulous elements from the Indian Realty market, which in turn has made this sector more attractive and reliable than ever.

  • GST (Goods and Services Tax) a major game changer in the Indian Real estate has been launched with an aim to enhance financial transparency. It has also aspired the whole India real estate sector towards global benchmarks of progressiveness.

  • Today, the real estate market has become more buyers friendly and connects with their sentiments, due to which the scenario has changed completely. With the help of RERA and GST, the market has seen a decisive return of consumer power on the market.

  • Coming to home loans, a major factors that help in property buying has enhanced to an extent offering lucrative options to home buyers.

  • Today, the realty market has a plethora of options available for every pocket size ranging from affordable to luxury.

  • With many technological developments, the internet has brought buyers from across the country under one roof. Technologies like Virtual Reality, Augmented Reality etc. has been helping tech-savvy home buyers to sit at home and look for each and every minute detail of the property saving on their important time too.

So with all such initiatives and reforms, Indian real estate has moved ahead in almost all the directions seeing a lot of upward trends.