Chandigarh has become one of India´s first to set up a temporary Real Estate Regulatory and Development Authority (RERA) to address hardships homebuyers face due to delay in possession of flats and plots.
The real estate sector has been the second biggest employer for India after agriculture, and market estimates suggest that it will grow by as much as 30 per cent in the next decade. Consequently, stakeholders have high expectation from the 2017-18 Union Budget.
The construction sector in India has evolved gradually over the years in terms of adoption of new materials, processes and technologies. However, in comparison to other sectors, it has been slow to adapt to digital technologies.
The real estate sector contributes around 9 per cent of India's GDP and is the second largest employer, after agriculture. Large and with a variety of small and big stakeholders - suppliers, manufacturers, transporters, contractors, landowners, developers, financial institutions, consultants, brokers and purchasers - the sector has functioned as a loosely organised setup where diverse capabilities and interests prevent a cohesive approach.
With increasing crime rate in the city, safety has become a primary concern for homebuyers. Amid a spike in incidences, DLF Gardencity has carved an identity for being a safe and secure destination in Gurugram. The township boasts of advanced security facilities for the safety of its residents.
A fast growing trend among today’s homebuyers is green homes. Last year witnessed a growth in the number of people interested in buying homes as well as those keen on buying green homes. According to a recent study, about 10 per cent of prospective homebuyers are also enquring if the project offers green homes.