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Real Estate Property In India: Under The Dire Straits

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There can be no two opinions that the real estate industry has proliferated by leaps and bounds in India. The burgeoning population has always the kept the realty market on its toes. To cater to the needs of housing in the country, bounteous projects have been floated by the developers, till now. But that is not all. The rental market too has contributed largely to the realty sector. The inquiries from all the segments of the society: lower, middle, upper-middle, and elite, has kept the ball rolling. As of now, the properties that minister to the demand of residential and commercial spaces are present in plenteous number. But there is more to the story.

The shortage of land makes it impossible to keep on constructing new properties. In metropolitan cities, there has almost null space left for any horizontal construction. Most of the space is already occupied by residential apartments, villas, or bungalows. A large part of Delhi is occupied by slums, and the remaining is serving as the commercial property, in the form of shops, office spaces, farm lands, business centers, industrial set-ups, showrooms etc. Similar is the case with the other cities in India. With such a scenario, the only option left is vertical construction.

Another problem that the real estate in our country is facing is the extortionate increase of price rates. Take Delhi, Gurgaon, Mumbai, Chennai: the rates have appreciated almost doubled or tripled over many years. Buying a single BHK has become difficult for a middle-class buyer. And the developers, who are more keen on accumulating wealth, do not allow the prices to correct. The end-users are finding it too difficult to invest their disposable incomes over buying their dream houses. While many of them end up living on rental spaces, the others, specially from lower, and poor class have no other option left than to occupy unauthorized slums and shanties.

Talk of frauds in the real estate sector, and the country has become infamous for that. The number of property scams, illegal authorization, and fake transfers have become very common. It is not only the local developers that elude a buyer, the top-notch ones too are involved in hoodwinking and double-dealings. As the housing policy in India, till now, has not any stringent laws, neither were they implemented properly, most of these builders would walk out freely, with no charges levied against them.

The authorities have now come up with new land laws and they intend to implement them strictly. The stringent punishments for the defaulters shall help the end-users get protected by transparency and fair deals.
 
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  Published Date - October 3 2013
  Total Views - 577
  Total Votes - 10
  Average Rating - 1
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  Mr. Vinay Kumar
Search real estate properties at the leading property site, Makaan.com. Buy, sell, or rent properties over the portal and locate the one that suits you the best. Make use of the intelligent list-based and map-based research for locating properties in the locality you prefer.
 
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