The Indian real estate market has seen noticeable growth in sales, sustainability, consumer confidence, and job creation over the past few years. Between 2014 and 2023, 2.82 million units were sold in India's top 7 cities, with cumulative new launches surpassing 2.93 million units, as indicated by various reports. Similarly, jobs in the sector surged by 31 million, reaching 71 million in 2023.
Industry experts attribute this growth to pivotal structural reforms like the Real Estate (Regulation and Development) Act, 2016 (Rera), Pradhan Mantri Awas Yojana (PMAY), and the Special Window for Affordable and MidIncome Housing (SWAMIH) fund.
A joint report by real estate consultancy Anarock and the National Real Estate Development Company (Naredco) suggests that these reforms could propel the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030.
Listing the challenges in the pre-Rera era, Anarock Vice Chairman Santhosh Kumar cites lack of transparency and accountability. "Homebuyers faced project delays and stalled projects, leading to financial and emotional distress, while unregulated developers mismanaged funds, exacerbating delays," he said.
This story is from the May 31, 2024 edition of Business Standard.
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This story is from the May 31, 2024 edition of Business Standard.
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