The real estate industry developed in leaps and
bounds post independence .Real Estate Developers were in the unorganized sector
with no proper guidelines but slowly this industry became highly organized
sector and Government imposed several strict rules to regulate the activities
of Real Estate developers. Now Municipal Corporation in different City and
town, Panchayat committees in villages are there to give sanction of any construction
work that takes place under the written guidelines in Building Rule Book. Real
Estate Developers need to maintain certain specified open area on each side of
the building constructed and also the height of the building depends on the
front road width. The Building rules also define the habitable size of each room
with minimum allowed roof height. Real Estate Developers also have to maintain
certain thickness specified for inner and outer walls with sufficient window
opening for proper ventilation. The Building rule takes care of all aspects for
safety of occupants.
The Real Estate Industry contributes more than 7% to
the country’s Gross Domestic Product and expected to reach 13% by 2030. The
Real Estate Industry is the second largest employment sector in India after
agriculture. Home buyers can now get housing loans from bank on easy terms up
to 80% of the property value. Real Estate Developers maintain tie-ups with
banks to provide quick processing and disbursal of Bank Loans.
Government has liberalized the rules for FDI (Foreign
Direct Investment) in Real Estate Sector, which resulted in many Real Estate Developers collaborating with foreign investors and there is tremendous surge
in real Estate Investment. This sector is largest support for the growth of
economy. India has experienced a huge surge in Corporate Sector and
Infrastructure Development thereby leveraging faster growth of Real Estate
Sector in India. Indian real estate market is expected to reach USD 189 billion
by 2020.
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