As we are all geared to celebrate 71 years of Independent India, ASHUTOSH LIMAYE, National Director-Research, JLL India, highlights the milestones that have had a long lasting impact on India’s real estate industry.
Often, how a particular industry shapes up depends on government’s initiatives and interventions – largely done through new sector-specific policies as well as tweaking older ones to better suit the changing business environment. While the government’s role is important, it is the market conditions, geopolitical events, socio-economic changes in population and the element of time itself that are fundamental in evolution of industrial sectors, especially so, in the case of developing economies like India.
Given that real estate is a major industry across the world, there has been a constant focus in many countries to have more transparency in the sector through regulations and technology. India too has seen many policies in recent years but certain milestones are spread over decades. As the country will soon complete seven decades of independence, it’s worthwhile to remember the milestones that have had a long lasting impact on India’s real estate industry: