Real estate is an ever-changing market. It has existed since forever. The history and evolution of real estate is a very big topic. This is because too many aspects are included when it comes to real estate. And learning about the evolution of real estate in India, might sound a little complicated but I will try my best to make you understand the journey of real estate till now in an easy and uncomplicated manner! So, without further ado, let’s get into the thrilling journey and evolution of real estate!
Early Years:
Early years mainly include the post-independence period of India. And during this period a lot of changes took place. The government introduced a lot of new policies and new projects right after independence to help people with housing needs. And for this purpose the government established residential houses and colonies for government employees. Now, these colonies had all the basic amenities and facilities that were required. For instance, schools, parks and even hospitals.
One other important aspect of these years are the public housing projects. Now, after independence there was a shortage of residential spaces in India and to overcome this problem, the government introduced public housing projects. Now, this project has increased the living conditions of people living in the major cities.
But this was not all, land reforms were also something that came in action in the 1950s and 1960s. The main reason behind this was to help farmers and improve the village life. This included giving landless farmers lands.
Now, this was a little about the real estate of the post-independence era. Hope this gist of real estate helps you gain some clarity. Any who, let’s see the other eras of real estate.
Urban Planning and Infrastructure
New infrastructure plans were brought into the picture to develop and modernize cities. The infrastructural plans included new bridges, ports, better roads and so much more. These projects were made after careful consideration that the transportation and connectivity is improved in the nation. Now, this in return helped with economic growth of the country. This helped with the increase of urban centers and new employment opportunities in the city.
So, a small gist of the post-independence real estate scene is that the years mainly from 1950s to 1970s the Indian government mainly focused on public housing. Although, this was about to change in the coming years.
The Decade Of 1980s-1990s
This was a very important decade for the real estate realm in India. During this period, private housing came into the picture. At this point, real estate saw some big guns and businesses. Also, the market started seeing a lot of new sectors within the real estate industry like commercial and luxury real estate. At this point, people finally started prioritizing their luxury and comfort and real estate also slowly started to be seen as an investment. People came around the benefits of investing in real estate. Some of those benefits are:
- Value Appreciation: This is like the best advantage of investing in real estate. When we invest in real estate the property’s value is bound to increase in the future unlike other assets.
- Long term security: When it comes to stability and safety, real estate wins the game. A real estate investment provides both of these things for a very long period. As a result, providing long term security.
- Multiple income source: Real estate can be used as an extra income source. What a person can do is transform their property into a co-living space and earn from it. Earlier, there were not a lot of companies that helped with this but as time went by new companies emerged and Getsethome’s ‘Xtra Income Homes’ is one of the best in the market when it comes to properties…they have been in the market for more than 8 years and all of their properties guarantee returns as high as 7%!
This was all about the transforming decade of the 1980s to 1990s. Let’s move on ahead.
How liberalization affected the real estate market?
So, in the 1990s the government of India removed certain rules and regulations related to real estate that restricted the growth of real estate business in the country. And as a result, the real estate sector started expanding rapidly. This included large scale real estate projects like IT Parks, shopping malls, business centers and many more.
How does digitization affect the real estate industry?
Digitization is a real phenomenon in today’s world. It is affecting every industry on this planet and real estate is no exception. Actually digitization has made the whole real estate game a lot easier. For instance, now potential buyers can easily find their desired real estate property online. Basically, the whole process of buying, selling and searching for properties has become a lot more convenient.
Real Estate Regulatory Authority (RERA)
The RERA was introduced in the year 2016. The Government of India introduced this act to protect the rights of buyers and sellers and create more transparency!
How did Covid-19 affect the real estate industry?
The real estate industry got a blow during Covid-19, like all other industries. But soon in 2022 it bounced back as well. The time of Covid-19 actually worked as a blessing in disguise because earlier people were okay with renting homes for all their lives. But during the pandemic people realized how important your own home is and got into real estate investment again.
So, in conclusion the real estate market is just bound to get more diverse over the years and it is an ever-changing market. But one thing for sure is that real estate investment will always be one of the safest investments to exist! So, hurry and get your own property today!
