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The real estate market of India has exhibited a remarkable transformation since the past 71 years of the country’s independence. There has been a conspicuous increase in the population residing in urban centres, and subsequently, the cities have expanded to a considerable extent in the last many years. While the role of the government in shaping up the real estate market is imperative, there are still myriads of factors that have contributed to the augmentation of the industry in India.
Given that real estate is a thriving market across the world, all countries have continually tried to infuse transparency in the sector through technology and regulations. The Indian real estate, too, has evolved by leaps and bounds over the last few decades. As the country progresses towards the completion of 71 years of its independence, we bring to you the top 10 milestones that have had a long-lasting impact on the real estate market of India.
THE IMPACT OF RERA AND GST
RERA and GST were two major reforms that infused transparency into the Indian real estate market. While the introduction of GST made sure that the real estate industry was not embroiled in disputes or ambiguity in provisions due to multiple taxations, the introduction of RERA enhanced transparency and accountability into the sector. And while the former intends to benefit both the developers and the buyers by instituting uniformity in prices, the latter provides a sigh of relief to the customers aggrieved by the increasing fraudulent activities and delayed project completion.
TECHNOLOGY HAS INDEED COME A LONG WAY!
While there are a plethora of reasons behind the transition of Indian real estate, technology still continues to be a major catalyst driving the change. Not only the construction industry but also the marketing and the sales; a lot has changed over the years when it comes to technology being used in the real estate sector. Smart houses, virtual reality (VR’s), drones on site, video walkthroughs, construction technology and online portals are all examples to prove that the induction of technology in real estate has immensely helped the industry to expand further.
WHAT IS EXPECTED IN THE YEARS TO COME?
As seen above, the Indian real estate industry has undergone a drastic transformation since the day of independence. Here are a few emerging trends that we think will be prevalent, even in the days to come: