The largest democratic nations with so many diverse communities comes with its own set of challenges towards development. Although in the past few years we are seeing a needle movement in the direction of growth. Several policies and reforms have shaken the foundation and left people clinging to find a way out but as the rubble settles, we seem to be emerging stronger. The true extent of all these political and economic changes can only be revealed over time but there are some that we would like to talk about. ‘Make in India’ was a movement more than a reform initiated towards helping India position itself as a prime options for large conglomerates. It was a way of us telling the world that we want to help you make your business successful and what better way to do things than to bring your offices to our shores. For this reason PM Narendra Modi went to great lengths to establish relationships with foreign nations and large organizations. The approach of bringing new work, new jobs and an influx of investment into the country for a population that is growing in size and economic tiers, was surely a bold move in the right direction. The impact of which has led of various corporations agreeing to set up operations in the country and developing strategies to leverage the Indian workforce and exercise the willingness of political policies to welcome foreign influence. The FDI caps were revisited for several industries and this promoted foreign agencies to bring in their technology, expertise and money into India. And these aspects played a significant role with respect to commercial Real Estate. New companies setting shop in India meant more office spaces, larger built-to-suit technology centres and Special Economic Zones.
The building and push towards smart cities also heralded the opportunity for infrastructure development, which included, roads, railways, commercial centres and so much more. And with the government easing the transaction and compensation process around land acquisition also helped developers overcome challenges and hurdles in development projects. Another aspect that helped ensure quality and fair practice in the real estate sphere was the inclusion of the RERA policies that provide a safety net for consumers. With inclusions of policies that fast track development and measures that ensure quality and governance, real estate is seeing a strong upward movement. Over time, it seems likely that we will be at more development in the real estate industry and promotion of bigger projects that will catapult India’s
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