Do you have land for sale in India? India is a country that is on the cusp of change. It is one of the fastest growing economies in the world and this confidence is reflected in the real estate market.
A number of Indians are moving out from traditional accommodations and moving into modern apartments as they move ahead in life. The residential real estate market in the country is worth a sizeable chunk of the nation’s economy and is growing fast.
Pankaj Kapoor of the Mumbai-based Liases Foras Real Estate Rating & Research says, "The last decade was about price appreciation. This decade will be about volume growth."
Much of the growth in the real estate sector can be attributed to the positive policies of the Indian government under the leadership of Prime Minister Narendra Modi. PM Modi’s attack on black money or ill-begotten wealth has led to a decline in property prices across the country, making it more affordable for the middle class to buy property in India online.
There has been a jump in real estate sales across India of about 20 percent, as prices have become more reasonable. It has also helped that the government has introduced a number of safeguards, protecting the interests of home buyers against errant real estate developers.
What PM Modi has done is to recognize that the property market "became a haven for speculators and investors," explains Ashok Malik of the New Delhi-based Observer Research Foundation. The government wants affordable housing for all, but that there are challenges that remain, says Anuj Puri of JLL Residential, a major real estate developer in India.
"It seems impossible if enough land is not released for the creation of affordable housing. Land is a very price-sensitive commodity, and its current shortage in major city-centric areas prevents the development of affordable housing in areas where it is most direly needed," Mr. Puri says.
The other big challenge you will face if you are trying to sell your house in India fast is the difficult job market in the country. A lot of jobs have been lost in India’s flagship IT industry, which is the leading employer in the cities of Bengaluru, Hyderabad, Pune, Navi Mumbai and Noida.
Shubhranshu Pani, Managing Director at JLL India says, “These cities rely heavily on IT companies for not only job creation, but also to drive office and residential real estate demand. Resultantly, these real estate markets face the maximum risk from the recent IT meltdown.”
Over four million people, mostly belonging to the middle class work in the IT sector. Those belonging to the middle management levels are most at risk of losing their jobs. Aged between 30 and 40, they are typically the biggest buyers of properties in Indian cities.
“With this bracket of consumers coming under risk of a job loss, there is a possibility that recovery of the residential sector in the mid-premium category will be delayed. The share of population for Bengaluru is around 19 per cent, or over two lakh people, in absolute terms. For the real estate developers here, these mid-level managers are an important set,” Mr. Pani adds.
So clearly, there are plenty of opportunities in the Indian real estate market, but the challenges remain as high as ever.