Home ownership; the great Indian dream

hmeWe all love to dream; it can be four wheeler, prestigious job, social status, fame or last but not least a dream home. Food, cloth and shelter are the basic human needs and now all come with hard work and money until you are not backed by your ancestors in terms of finance. Every Indian still considers owning a home an ultimate investment and goal in life. From the corporate world to fruit vendor on the street, everyone wants a home of their own. According to recent survey in India there are 26 million families, who are living in rented properties or homeless, and they all dream of only one thing ie. having their own home, but it’s not easy because in India real estate is still considered as the best investment and due to that prices of real estate properties are very high. Real estate market conditions fluctuate, and the fundamentals of the human condition remain constant. In India people-to-land ratio is 750 people per sq km, one of the highest in the world. It means India is short of it. It’s time when, government should recognize real estate as an industry.
In India, when we talk about buying a home, it’s not considered as pure investment, it is considered as something that has a prominent place on Maslow’s pyramid of human needs. In current economic conditions, it is proved that there are no more alternatives for investment rather than real estate properties. The easy availability of infrastructure facility with land and investment, continuously attracting the real estate giants to develop the commercial and residential properties, and due to that suburb of the metro cities are witnessing the major development. Investment gurus disparage the real estate sector, housing property rates in the metro city are astronomical and beyond the affordability of common man. Rising home loan lending rates have put further pressure on housing affordability and it simply does not make sense to avail one anymore. Demand of residential property in India is growing well, and results can be seen in the various residential apartment projects being thrown by the government.
The main goal of land-use policies must be to create affordable housing for first-time buyers. Indian real estate market is dominated by black money investors, so Indian government should introduce some polices to stop black money investment and promote genuine entrepreneurs to enter in the business. Indian history shows that, this is the key to stronger economic growth and democracy. In growth of Indian economy, real estate is contributing well, about 15% of India’s GDP growth, but land prices are also being pumped up. Property is once again going to become the most popular investment option because there is a significant appreciation in real estate prices. Ignoring the mess in real estate, or worse conditions, the land must also come with all clearances, so builders do not lose time and money on overcoming bureaucratic hurdles. In current financial year FDI in Indian real estate is also predicted to enjoy a boost of more than 100 per cent to above $60 billion.

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