Back in the 17th century, there was a system known as Zamindari enacted by Lord Cornwallis in the British period long before the term Real Estate was brought into existence. The rich Zamindars had fixed assets such as a plot of land which they gave to the peasants for work and extract taxes in return and give it to the state. This system was abolished as soon as we took our freedom from the British era.
The Indian Real Estate has come a long way since 1947 from the Zamindari to the Real Estate Investment Trust (REIT) in 2019. The real estate sector has seen a lot of changes in these past 73 years from Independence. The rules and regulations have enabled this industry from being an invalid to become one of the major contributors to the country’s economic growth overcoming major setbacks in the past years. By uprooting the old decayed practices and introducing new laws such as Real Estate (Regulatory and Development) Act, RERA, the government has worked hard to safeguard the rights and interests of the consumers.
It took some time, however, after years of planning and guesswork, the Indian government finally came up with RERA. This was an important step that helped the common man to build up the lost faith in the real estate and the government which encouraged the buyers to invest more in the residential real estate sector. The government also decided to propel the growth of the industry by formulating plans such as Housing for All as the majority of the population still fall in between low to mid income class. This idea was greeted with positive reaction by the population. This law ensured that the real estate market should maintain its reputation by enforcing regulations on developers, brokers and protect the rights of the home buyers. Every state has collaborated with this regulatory authority by coming up with respective tribunals to hear out the home buyer’s concern until there is one unified platform which will make things easier.
The metro cities of India have received an undivided attention from the start in terms of infrastructural growth and development. The growth in demand of housing needs are to be expected and in order to fulfill the requirements of the home buyers, the real estate developers are focusing their energy and resources to attract more buyers to their doorstep. In the past years, the cities Mumbai, Delhi, Chennai, Bangalore and others have witnessed an unimaginable growth in terms of infrastructure. These cities without a doubt are the number one choice for the real estate giants to invest their fortune. The government had approved the restructuring and modernization of these cities back in the year 2000 when some perks such as first shopping malls came into existence.
The Indian Real Estate is one of the major industries that has vouched for a rapid growth in the past which will continue in the future. The plans that the government and our honourable Prime Minister have envisioned will soon become true which will make India rise standing shoulder to shoulder with the rest of the world.