Real estate is one of the primary business sectors of the Indian economy. Real estate business has undergone a turning point. This sector is witnessing a boom in recent years. One of the Indian cities that have seen major growth in this sector is Bangalore. Bangalore is expected to be the most favoured property investment destination in the near future.
Bangalore has come up with some good housing projects like Provident Park Square. If you are looking for a house or villas, then you can go through Provident Park Square Reviews.
Not just Bangalore, all tier II and tier III cities in India have seen a growth in real estate business. Growth of corporate environment, as well as demand for office spaces and residential accommodations, is a major reason for the growth of this sector.
But what about the future of the real estate sector in India?
The Indian Government has come up with new policies and reforms to make real estate a beneficial business sector for the investors, builders and developers. Let us have a look at the factors that have an impact on the future of Indian real estate.
-> Government Initiatives
Real estate sector lacked trust and transparency. In recent years, the Government has introduced many policies and reforms to bring transparency in the real estate sector. One of the major movements in this direction is the implementation of the Real Estate Regulatory Authority Act (RERA).
Apart from RERA, the Government has also introduced policies like Goods & Service Tax (GST) and the Benami Act to bring about transparency in this sector. RERA requires the disclosure of every detail of the project on the website of the regulatory authority and its regular operation. It has boosted the confidence of investors and property buyers in this sector. It is a positive sign for the future of the Indian real estate.
-> Growth of Tier II and Tier III Cities
Growth of tier II and tier III cities also have an impact on the future of the real estate sector in India. With the increase in job opportunities and earning capacity, major improvements have taken place in the infrastructure. There has been a rise in the demand for commercial and residential properties in India’s small towns and cities.
-> Increase in co-working spaces
The future of the real estate sector is getting shaped not only by residential and commercial properties but also by co-working spaces. There has been an increase in demand for hybrid spaces with the changing work culture of India.
This is also due to the booming start-ups in metro cities. Increase in hybrid spaces or co-working spaces will lead to increased productivity, employee retention and cost efficiency.
-> Increase in direct foreign funds
The Government has allowed a 100% foreign investment in the real estate sector. The move has allowed foreign investors to invest directly in the real estate sector without taking Government approval. It has given a new life to the real estate sector and paved the way for its better future.
-> Development of new sectors
New sectors like townships, student housing, plotted developments and senior living are likely to get developed. It can help you in exploring new avenues as an investor as well as a home buyer.
Real estate has always been a lucrative option for investment. If you are planning to invest in the real estate sector by buying property in Bangalore, then this is the right time to go for it. Why? It is because the future is really promising.