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Real Estate News: the inseparable part of our lives
By Bikash
Real estate news has become an inseparable part of our daily lives and also occupies a very vital place in our economy. In the early 90's, real estate was a lucrative option to invest money, since prices were always escalating because of limited supply and heavy demand. Developers were building residential and commercial projects, which were sold out even before the construction began. Besides, during the course of construction, the property changed hands several times before the completion of the project, with further price increases.
But, with a slowdown in the housing market in the mid 1990s, especially, in the metros, e.g. Mumbai and New Delhi, the supply increased enormously and the demand remained steady, as prices had gone beyond the realistic levels. This decline in prices stabilized towards the end of the decade as rates became more reasonable and affordable.
The real estate news for India once again started to heat up. The housing finance industry then started to expand rapidly, making home loans easily available to everyone. Besides the housing loans boosting the market demand, the tax benefits provided by the last four consecutive budgets have also encouraged the end-users and investors alike. Growing incomes of urban buyers coupled with fiscal incentives and falling interest rates, saw a growth in the real estate market once again. According to experts considering the current property rates and housing loan interest rates, it is worth investing in real estate in India. The Indian property news was also attracting the NRI's to do the investment in India.
According to FICCI estimates, the size of the real estate industry in India is around US$ 12 billion. Almost 80 per cent of real estate developed in India is residential space and the rest comprises office, shopping malls, hotels and hospitals. This double digit growth is mainly attributed to factors like off shoring business, including hi-end technology consulting, call centers and software programming which in 2003-04 is estimated to have accounted for more than 10 million square feet of real estate development.
The retail property news looks as promising as the housing real estate news. The emergence of consumerism and availability of easy finance has suddenly brought about a boom in the for the retail industry in India. After IT/ITES and manufacturing, retailing perhaps is the only other sector that has emerged as a key employment generator.
In the commercial real estate news for India, the global real-estate consulting group Knight Frank has ranked India fifth in the list of 30 emerging retail markets and has predicted 20 percent growth rate for the organized retail segment by 2010. The retail property news in India is attracting many foreign players in the market.
A recent report by the Chamber of Indian Industries pointed out that globally real estate is and should always be considered as an income-generating asset. Indeed, real estate is an attractive investment option, as it gives regular returns and also provides capital appreciation.
About the Author
Bikash kumar is the contributing author to the http://www.indianrealtynews.com for distinct articles and news. Indian Realty news provides news on commercial and residential properties of various cities like Delhi, Gurgaon, Mumbai, Chandigarh and Bangalore etc in India
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