A joint report published by the American Chamber of Commerce in India and CB Richard Ellis in 2010 examines the current real estate and residential property scenario in India. The report stated, ?Residential demand is the mainstay of the Indian real estate sector. The major demand drivers for the residential market include increase in disposable income levels, increase in the number of nuclear families / households, tax savings on home mortgage products and real estate being considered a ?necessary investment.?
A Report on Residential Property
Residential property is considered one of the best investments globally and India is steadily becoming one of the best places to invest money in. Both domestic and global investors are queuing up to invest in Indian residential properties.
A recent report published by India Brand Equity Foundation in June 2011, listed its findings on commercial and residential property in India. The report stated that the real estate sector in India is on a growth path. It has been estimated that there would be a shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12). This provides a lucrative investment opportunity as the demand and supply gap will shoot up prices. This can be clearly seen by the amount of money that is being invested in residential properties in India. According to the Department of Industrial Policy and Promotion, the Indian real estate and housing sector received $1.2 billion in foreign direct investment.
The Indian government has also taken numerous measures to make sure that the real estate sector grows in the coming future. The government has allowed 100% FDI in townships, housing, built-up infrastructure, and construction development projects through the automatic route. This has led to a sudden demand of residential property by NRIs and other cash-rich individuals.
The Indian economy has bounced back quicker than most nations of the world after the recent economic downturn. Investor confidence has increased manifold and Finance Minister Pranab Mukherjee has presented numerous initiatives for the real estate sector. Low cost housing and the surging demand of the rising middle classes has led many banks to revise their policies. The limit on housing loans eligibility has been raised and the scope for housing under ?priority sector lending? has been widened. This has led to a reduction in interest rates levied on home loans.
Prices of residential property have increased over the years and it is expected that the trend will continue. People interested in purchasing residential property for investment or personal purposes should make the full use of government led financial initiatives to make their dream come true.
The above report shows the current trends and the rising demand of residential properties in Thane, India. Hiranandani Group is an established brand in the real estate market and RODAS Enclave is there latest housing project. You can reach them at Rodasenclave.com for more details
