The year 2013 is being projected as a bright one for the real estate companies in India. According to sources, the property market will continue to experience stable circumstances for the immediate quarter and then witness progresses that will be well coordinated with the entire economy. This article explores the current trends of the Indian real estate sector and its makers.
The Growth Curve
The Indian real estate industry is presently on a growth track. Good news for the real estate businesses in India is that this year is going to witness a total estimated growth of nearly US$ 50 billion at the rate of 20 per cent. As we evolve from the recession hit times, the worst is finally behind us and there is a vast improvement in the market conditions. India is now experiencing an incredible real estate boom as more locations have been unveiled and regional boundaries have been stretched. However, most of the demand is channeled towards the urban cities that continue to stay in demand owing to their commercial feasibility. The property sector is one of the major contributors to the nation’s GDP.
As we all know, there is a dearth of housing units in this part of the world. This shortage has long been a matter of concern. The housing & urban poverty alleviation ministry had calculated a scarcity of 24.7 million residential units at the end of its latest five yearly plans. Real estate companies in India are speculating a need for 2.1 million homes. The demand is expected to be created starting this year right up till 2016 in eight major cities.
There is a multiplicity of real estate developers that are presenting new ventures that are one better than the other. These market players are setting up world-class property projects in some of the most coveted areas of the country. Some are national-level leaders, while the others are regional ones. The following is a list of Indian real estate giants:
- DLF Ltd.: Chaired by Dr Kushal Pal Singh, this company has a past experience of 64 years. It is among the biggest property companies in India in terms of revenues, market capitalization & serviceable area. It has its ventures spread across a total of 30 cities with almost 238 million square feet of accomplished development and 413 million square feet of scheduled projects, of which 56 million square feet of ventures are under construction. It is involved in residential projects, commercial complexes, townships, IT Parks, multiplexes and hotels.
- Omaxe Ltd.: Headed by CMD, Rohtas Goel, this 22-year-old developer company currently has 53 projects under construction and in plan. Its ongoing ventures include integrated townships, SEZs, group housing, shopping malls and commercial complexes along with hotels.
- Unitech: Led by Ramesh Chandra, Executive Chairman, Unitech was set up in the year 1972. Its list of ventures consists of diversified assignments from residential, retail, commercial/IT parks, and hotels to amusement parks and SEZs areas. The business has more than 600,000 registered stock holders.
Some of the other big players of this industry are Ansal, Parsvnath, Jaypee, Wave, and ATS.
As per Sanjay Verma, CEO (APAC) at Cushman & Wakefield, the Indian property sector will see tendencies similar to the year 2012. This first half of the year will be slow yet stable, while the latter half will see rise in activity provided the political scenario remains composed. There will be ample scope for real estate companies in India to boost their accountability & reporting practices. Overall on an international level, Indian real estate is quite sturdy and is at present providing some of the finest investment opportunities.
Thus, the real estate sector is welcoming the incoming of a new breed of companies that are bringing a fresh approach towards real estate development and raising the standards of construction to a whole new level. The balanced growth in quality and quantity will hopefully attract new demand by changing the landscape of our cities.
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