Real estate in 21st century India is changing the skyline of even satellite towns. Apart fropm the metro cities, smaller towns have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are shaping new India.
The property sector boom is a direct result of return of the prodigal NRIs (flush with funds), foreign direct investments, multinationals entering every nook and corner of the country to set up base. Whether it is New Delhi, Noida, Mumbai, Hyderabad, Bangalore, Goa, Pune or even towns like Cochin, Udaipur, Jaipur the dynamites are paving new ways. Real estate industry is witnessing major changes.
The disorganised industry has become professional and corporate. Industrial groups like Tatas, Wadias and Godrej have created new benchmarks for property deals all over India. The government, too, has taken steps, to change and modify policies to suit home buyers and developers. Some Indian developers like the Hiranandani Group have bagged prestigious projects overseas. This positive trend will help other Indian builders to seek genuine buyers and overseas projects.
While all construction activity in the country is on par with international standards, what is new in the industry? Some developers are providing lifestyle homes, constructing impressive shopping malls and commercial
properties for new offices. They are becoming environmentally conscious too. The need for breathing space in metros is being enhanced by projects that bring residents close to nature. Some of the biggest developers like New Delhi based DLF group, Ansal, Omaxe and Vatika are emerging as trend setters with good properties. Traditional real estate builders like Hiranandanis, Rahejas, Shapurji & Pallonji based in Mumbai have also mega self-contained township projects- all indicative of a property boom that will continue for next couple of years. In Kolkata, Mumbai and Vizag, SEZs are being touted as the best job opportunities for workers. Gurgaon a small village is now a shinning example of how it has been transformed into a posh area with glass houses and buildings. With huge BPOs and multinationals making it their base, even five star hotels will be occupied soon. Property prices have gone up and are stable. In Goa and Pune farmhouses and resorts have taken up space. People are buying second homes, farmhouses and getaways to escape the city life. Even low cost housing has sprung up in many places around the cities. SRA projects have given hope to many homeless people and those living in slums to have a roof over their heads.
The façade is changing faster, so are the lobbies and apartments and offices-They all have a modern look. The foreign returned architects, engineers and designers are creating new age buildings. Guess, it is time for the gargoyles and pillars of the British Raj colonies to disappear in the
India property market . But will the sustainable development be possible without ruining the natural environment? The developers are cashing on the property boom. But they will have to take up the responsibility of taking care of not destroying the usual surroundings.
