India gained prominence at the global
level as an economic powerhouse ranked next only to China. The last 2-3 decades
have catapulted India to the position of a hotspot destination as regards
development of industry and the businesses. This was made possible on account
of the correct financial policies of the governments of the yester decades. The
exponential growth of the economy presented newer opportunities to the
population here. But one specific aspect of such expansion was that these
opportunities were clustered around the prominent and evolving urban centres
and not the whole of the country. Migration therefore evolved as a potent
activity and we see large scale in bound migration towards the urban centres
which is still continuing.
Greater the scope of employment opportunities
in any city, greater is the pull for migration. Constantly increasing
population required more residential space for itself. The business of property in India therefore gained
prominence and is being viewed as a profitable venture. We therefore see
emergence of large number of private developers and builders operating as
service providers for the general public. Earlier public agencies were the sole
players for the purpose of providing residential amenities to the people. But
their efforts proved to be substantially inadequate and the private developers
entered the scene to fill up this lacuna. They are cashing on the diversified
opportunities widely spread in the real estate sector.
Large number of top builders in Lucknow, Delhi,
Chandigarh, Bangalore and other cities are devising out grand plans to
diversify their operations in the residential apartment construction. They are
mobilizing funds through various routes such as FDI, to facilitate the
financial viability of their projects.
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