One of the
most influential drivers of economic growth of the country, real estate is a
diversified industry with a large impact on India’s overall development. After
a gloomy start in 2008-09, India bounced back in the competition and has been
attracting many large scale investments from the year 2010. An important aspect
to have emerged out of the current situation is the fact that there is a need
for a thorough R&D in real estate to deliver affordable and sustainable
environment for buyers as well as developers in the country. Real estate properties have a major role
to play in fluctuating economy of India and that’s the reason regulatory
authorities need more than just policies to spring back into action.
Housing for All by 2022
The vision
behind this initiative has always been of providing affordable property to
buyers coming from different segments of the society. This step was recently
taken by government so that there are more projects that are delivering what is
actually required out of them. It simply means that it’s high time for
investors to spend their money on something that is valuable as well as
beneficial for them at the same time. In order to make housing projects
accessible to people from different walks of life, government also has to
understand the need of developers who are planning new projects. This balance
will not only help in maintaining a perfect ecosystem for realestate in India but will also take
care of the sentiments of people involved in it.
With one
year already gone for this project, there is a room for further improvement. According
to the performance reports of this initiative, there have been thousands of
houses that were built in the past one year but there is still room for
improvement in order to achieve desired target. There are a few clear winners
in this scheme with Karnataka, Gujarat and Rajasthan being the ones that are
running ahead in the competition. While the pace still needs to revamp itself,
there are constant upheavals that have been disturbing the ongoing advancements
in the futuristic scheme.
The way forward
There has
been substantial amount of developments under Housing for All; however, it
still needs to increase its speed of implementing regulations to new projects.
While there has been a lot of progress in the futuristic model of expansion,
there are many factors that have been slowing down the process. Reasons such as
slow infrastructural development and requirement of affordable housing policy
are to name a few. Apart from these setbacks, the Indian economy is also under
close scrutiny because of its unpredictable performance since the last few
years. In the middle of these
shortcomings, government schemes need to be prepared in accordance with the
constant changes in Indian market.
The urgency
of affordable housing projects along with a well-thought out development plan
is the need of the hour and must be attended by the government. With these
proposals, buying properties in India
is soon going to become comparatively easier and very much in synchronization
with constant demands being raised by the buyers. This way everyone is assured
of a bright future in realty industry and its implications on the monetary
status of the country.
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