Real Estate India

Real estate industry is flourishing in India at an annual growth rate of 30 percent. Residential space constitutes almost 90 percent of the total business, whereas remaining 10 percent is constituted by commercial space like shopping malls, office buildings, hotels, schools, restaurants etc. There has been a remarkable revolution in Indian real estate sector owing to the factors such as thriving economy, positive demographic status, etc.

Main contributors to such a laudable growth rate of real estate sector is offshore outsourcing business such as software companies, BPOs and call centers, programming houses, back offices etc. Also, a huge number of multinational firms are moving towards India for setting up and establishing their business units here due to the presence of cheap labour and other minimal operational costs. It calls for the need of large land areas to set up their offices. This has given a tremendous boost to the real estate development. It is in fact the second largest employment sector that is related to other supportive businesses like construction, transport etc.

Let us analyze the success graph of real estate sector in India by taking the example of Gurgaon. There has been a radical change in urban demographic status and also the real estate industry. Until few years back, Gurgaon was seen as a town of cow pastures but the last decade witnessed a terrific real estate development. Nearly 22 shopping malls housing maximum brand stores, movie halls, classy restaurants have been built. These malls are of same standard as that of United States of America. Not only this, hundreds of office buildings, call centers have been constructed to mark the real estate revolution in the city.

With the arrival of call centers in the scene, it has caused a remarkable increase in jobs availability. Real estate business has witnessed an appreciable change owing to the outsourcing business. Augmented consumerism and shift in demographic structure has changed the face of commercial real estate in India.

Moreover with the rise in the living standard of the middle strata of society, income level has gone a remarkable change and led to the formation of nuclear families. A change in attitude follows. This has prompted large-scale construction of fully furnished apartments to meet their housing demands.

Active participation from foreign investors has led to sound economic growth of the nation, which in turn has resulted in successful real estate development in India.