Real Estate Context in India
REAL ESTATE IN INDIAN CONTEXT-OPPORTUNITIES AND CHALLENGES
Vijayakumar A B* and Dr.K.Nagendra Babu**
*Research scholar, DOS in Commerce, University of Mysore. ** ASSOCIATE PROFESSOR, DOS in Commerce, University of Mysore.
ABSTRACT
The real estate sector in India assumed greater prominence with the Liberalization of the economy, as the consequent increase in business opportunities and labour migration led to rising demand for commercial and housing space. The real estate sector in India is presently worth USD15 billion and it is growing at a phenomenal rate of 30% per year. This sector is the second largest employer in India, after the agricultural sector. Having attained maturity, the real estate sector is attracting huge investments, especially (Foreign Direct Investment) FDI. Today, real estate in India addresses the demand for built-up space, from a variety of property segments such as offices, residential units, shopping malls, hospitality industry, manufacturing sector and logistics parks, to name a few. The real estate sector is also active in the establishment of SEZs and the building of townships; it is spreading to the smaller cities and underpins their growth.
Infrastructure developments closely parallel real estate developments.
This paper presents a panoramic view of the operations of Indian real estate sector in various property segments, the challenges faced by the sector and its prospects.
Keyword: FDI, Infrastructure, Real Estate, Township.
INTRODUCTION
The term “real estate” is defined as land, including the air above it and the earth below it and any buildings or structures on it. Land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure. Although, media often refers to the "real estate market" from the perspective of residential living, real estate can be grouped into three broad categories based on its use:
Vijayakumar A B* and Dr.K.Nagendra Babu**
*Research scholar, DOS in Commerce, University of Mysore. ** ASSOCIATE PROFESSOR, DOS in Commerce, University of Mysore.
ABSTRACT
The real estate sector in India assumed greater prominence with the Liberalization of the economy, as the consequent increase in business opportunities and labour migration led to rising demand for commercial and housing space. The real estate sector in India is presently worth USD15 billion and it is growing at a phenomenal rate of 30% per year. This sector is the second largest employer in India, after the agricultural sector. Having attained maturity, the real estate sector is attracting huge investments, especially (Foreign Direct Investment) FDI. Today, real estate in India addresses the demand for built-up space, from a variety of property segments such as offices, residential units, shopping malls, hospitality industry, manufacturing sector and logistics parks, to name a few. The real estate sector is also active in the establishment of SEZs and the building of townships; it is spreading to the smaller cities and underpins their growth.
Infrastructure developments closely parallel real estate developments.
This paper presents a panoramic view of the operations of Indian real estate sector in various property segments, the challenges faced by the sector and its prospects.
Keyword: FDI, Infrastructure, Real Estate, Township.
INTRODUCTION
The term “real estate” is defined as land, including the air above it and the earth below it and any buildings or structures on it. Land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure. Although, media often refers to the "real estate market" from the perspective of residential living, real estate can be grouped into three broad categories based on its use:
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