Wednesday, 17 February 2016

Silver Lining in the Real Estate Sector

Business environment in India has transformed a lot, when we look from different angles. Since independence, we have been witnessing slow, but steady change in commercial activities. License Raj during 1960’s and 70’s acted as a closed door for many business enterprises to flourish. The later day government policies, which relaxed many of the strict provisions, opened an avenue for more trade and dealings. This has shifted traditional family-oriented and family owned businesses to professionally managed ones.

Mona Greens, Zirakpur
 This scenario has added many more features into the business world. As corporate operation has entered into commercial space, growing needs for managing multiple projects across cities came forward, thereby giving rise to the requirement of proper offices, unlike old times. Almost everybody is well-educated today, with handsome degrees in hand, and hence they need a working environment that, they feel, could make them comfortable to carry out their professional activities, for getting better output. At this juncture, the entry of real estate companies speak volumes about their importance.

Today, real estate is one of the most globally recognized sectors. In India, it is the second largest employer after agriculture, and is expected to grow at a pace of 30 percent by next decade. As the growth of corporate environment is widening, the need for office space, urban and semi-urban accommodations are escalating, and hence, real estate has spread its wings in all directions. It has four sub sectors like housing, retail, hospitality and commercial. It is estimated that housing sector alone contributes 5-6 percent to the country’s GDP.

Mona Greens II Front View

 For all these, government initiatives also played its part to give it a momentum. Under Sardar Patel Housing Mission, the government envisages to assure housing for all by 2022. Other initiatives include relaxation of Foreign Direct Investment (FDI) norms to the sector, which gave an impetus for foreign investors to park their money in business enterprises in India. The Securities and Exchange board of India (SEBI) has notified final regulations that will govern real estate investment trusts and infrastructure investment trusts. Moreover, many state governments have taken necessary steps and measures to bring transparency and increase ease of doing business in real estate sector.

Taking all these into consideration, many real estate companies like MonaTownships, to be pointed to the top, are utilizing the facilities in the right way. As the business friendly measures announced by the present government are inviting more and more NRIs and other foreign investors in doing business here in India, it needs proper infrastructure for setting up offices for the same. In this circle, Chandigarh and its adjacent cities like Mohali and Zirakpur have started witnessing the benefits. The commercial project of Mona Townships, Jade Business Park, and its residential project, Mona Greens are doing their part to fulfil the needs of its clients and customers. When most of the offices are clustered in cities, the working crowd too prefers to shift within the orbit of official enclave. This gave rise to the need of more and more residential projects.

Thus, the present scenario prevailing in the country is favorable for real estate business. This gives rise to the opportunity of reaping maximum benefits.

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