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02 Nov 2024
Real Estate Evolution and Impact On Gujarat
- By Om Vyas
- REAL ESTATE
Real Estate Evolution and Impact On Gujarat
The Indian Real Estate Sector has gone a far cry from the zamindari system to renting commercial and residential property. India world's whopping democracy and the most populous country saw a gradual increase in the real estate market. Liberalization generated new prospects for foreign investors to enter the Indian market and MNCs to conduct business activities because of which the number of offices, buildings, and land increased. In 2014, Real Estate Investment Trusts (REITs) were also formed, allowing investors with limited financial resources to make safe and sound investments The Real Estate (Regulation & Development) Act, or RERA, was passed by the government on May 1st, 2017, to stimulate city development, which ultimately profited to homebuyers as well.
Contents
Gujarat real estate: a topnotch choice
Real estate economics in Gujarat
Growth without challenges is incomplete
Future of real Estate in Gujarat
Gujarat real estate a topnotch choice
The real estate market of Gujarat is more or less stable there are six smart cities in Gujarat that include Surat, Vadodara, Ahmedabad, Gandhinagar, Dahod, and Rajkot. These smart cities are rigged out with advanced infrastructure. The Gujarat government has been energetically fostering investments in real estate to attract domestic and foreign businesses. No surprise, Gujarat is considered a good option for real estate investments for the short term as well as long term.
Real Estate Economics in Gujarat
Gujarat is self-assured to grow at 15.5 percent and its Gross Domestic Product(GDP) is almost going to double in the next five years. The state has witnessed exceptional growth in terms of investment both FDI and domestic.
Gujarat has India’s first Special Economic Zone (SEZ) for global financial services. Gift City is alluring to many domestic and global companies.
Growth without challenges is incomplete
Many positive factors are mentioned above but as we know that with advantages come disadvantages as well. On the whole, the real estate market in Gujarat offers ample options for buyers and investors, from traditional to modern developments. But there are certain hiccups too. According to the Gujarat Real Estate Regulatory Authority (GujRERA), there were 1,721 new projects registered, marking a 7.7% decline compared to 1,866 projects registered in the previous year. This decline was seen across all categories i.e. residential, commercial, and mixed-use projects, in major cities like Rajkot, Ahmedabad, and Vadodara.
Future of Real Estate in Gujarat
Healthy economic recovery post-Covid, growth and the conducive business policies of the Gujarat government are likely to establish Gujarat as a preferred destination for domestic and global investments in industrial, logistics, and data parks to manufacturing and real estate sectors. The state budget introduced last month too has emphasized connectivity infrastructure which will further boost the real estate. Gujarat state perseveres to offer cost-effective housing options and opulent residential and commercial properties. Kandla and Mundra are strategic port cities, serving as important locations for trade and commerce.
Winding up the note
To sum up, everything stated so far, it is crystal clear that Gujarat government is dynamically promoting state as an investment destination for global as well as domestic business and industries. This leads to toe hold for quality real estate. The government has instigated new policies to ease the process of obtaining permits and license for construction projects. The government has also set forth various incentives to attract investors including tax exemptions and subsidies. All these bits and bobs led to a positive climate in real estate.
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About the Author
Ashwath Saxena |Legal Researcher|