Real Estate Story in India, also referred as Real Estate Boom in India has been the hottest topic of discussion all over the world, for over some time now… simply because in the last few years Indian Real Estate Sector, one of the biggest real estate sectors in the world (worth more than $ 12 bln.) has been consistently on the higher-curve end. This development besides making an impact on Indian economy, has also pleasantly attracted the global players like Emaar, Zara and Hilton etc towards Indian Real Estate Sector. With these names, it becomes clear that Indian Real Estate Story (Indian real estate boom or story of India's fast growing economy) has also attracted key-players of various business sectors like- Hospitality, Apparel, Entertainment etc. Also worth mentioning is the fact that the latest innovations and new methods & techniques introduced in real estate development and maintenance are also the direct result of real estate boom in India.
In the last few years, real estate sector of India has emerged as the largest employment sector in India with a believed growth of $50 billion by 2010 and with an average per year growth rate of 20%. Many surveys also suggest that all this have together made investment opportunity more than $50 billion in the coming few years. Moreover, a survey conducted by Pricewaterhouse Coopers says: "In India's fast-growing economy, real estate has emerged as one of the most appealing investment areas for domestic as well as foreign investors. The real estate sector will continue to derive its growth from the booming IT sector, since an estimated 70 per cent of the new construction is for the IT sector".
Coming close, the biggest result/example of the stupendous growth of Indian real estate sector are the rapid transition of small cities (till-some-time-back) like Ghaziabad, Faridabad, Noida, Greater Noida, Gurgaon to some of the VVIP cities in India. It is not only in the previously-mentioned cities, but residential development scope have also risen tremendously in almost every other small-time cities in India, naming- Pune, Dehradun, Rishikesh, Patna, Ranchi etc. It is also expected that the Mall Space in India will further rise dramatically. Malls, which were until some time back part of only big/metro cities, will now be also a part of relatively smaller cities which are on the verge of getting transformed. And last but certainly not the least, the major credit for this development goes to the government of India which has been extremely functional in supporting NRI Investments, which has been influential in changing the face of real estate business in India.