REAL ESTATE EFFECTIVE VEHICLE OF ECONOMIC REVIVAL

HARYANA RECODER
NOVEMBER, 2010

REAL ESTATE EFFECTIVE VEHICLE OF ECONOMIC REVIVAL

With the stimulus package being given to the industrial, service and Realty Sectors by the Union govt., India continues to realize nearly double digit economic growth. It needs mention that India is well galloping to be a major power in Asia.

As the main focus of the union govt. is to build up an exclusive society. India would remain an undeveloped nation unless its poor sections of the society, who live on a paltry amount of $ 1.5 per day, are brought to the main stream.

Realty Players, after having faced a pause in their overall business, are moving upward and getting momentum riding on the liquidity available in the market. Interest rates being maintained by Banks at an affordable level, the end users and even developers and realtors have managed to scrap through successfully the ‘bad days’ and now looking once again to have a second phase of ‘Boom in Realty sector.’ Actually, the residential segment has emerged as the most resilient asset class as developers have rewrite their strategies with product innovations based on consumer demands, price neutralization, avoiding haphazard expansion and liquidation of non-business assets. With yearly escalation to the tune of 10 million middle class personnel both technical & non-technical, to cater to their demands of affordable house/flats provide better prospectus to the realtors and developers.

Ridding on the fresh demand sentiments of the consumers, the availability of developing places being provided by developers, has some ominous portents foe realizing boom in realty sector, meeting buoyancy in demands of houses. In regard to social responsibility, we have already earmarked as much as 111 flats to EWS in our ‘Grand Tulip’ project, Sonepat which is almost reaching to its logical conclusion and are being handed over to the allottees within a month or so. As much as 106 flats have been earmarked foe EWS in our on-going project on Pataudi Road, Gurgaon project of residential colony. In another three projects situated in 69/70 sectors on the Sohna Road, 600 flats for EWS, form as an integrated part of our projects,” disclosed Jain.

‘Tulip Orange’, ‘Tulip White’ and ‘Tulip Purple’ on about 100 acres of land on Sohna Road, has the projected connectivity with the proposed Metro line beside only seven kmts. from N.H.8. Six lane road from Rajiv Chowk to Sohna nearer to the project site has almost reaching to its completion mode.

As the middle class numbers are escalating with each passing month, for the country’s economic growth is realizing un – precedented and spectacular up-ward mobility, despite the economic slowdown on global spectrum, the realty sector is still finding it hard to supply houses/flats to fulfil the ever increasing demands. “Still we run short of 200 million houses or dwelling places. Finding the ever escalating middle class people, particularly youths with changed perception of life style-both husband and wife aspiring to achieve better career perspectives want dwelling places that have fully developed facilities build upon greenery all around. The modern youth endowed with technical and scientific bent of mind has become the engine of prosperity and exclusive growth in India, “observed P. Jain.

The youths belonging to EWS are displaying not less talents and achievements provided they are given a chance and opportunity. Thus if the family or the wards of such families are also given due share in housing projects, the Indian social restructuring can be realized.

“Builders and developers need not shirk their social responsibility in building a better and strong India and provide a deep foundation on exclusive social growth that needs to be realized, said Jain.

Parveen Jain, a young developer has already been awarded a number of awards foe excellence displayed with entrepreneurs skill, social consciousness, transparency, honesty, etc.

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