The Real Estate industry has been playing a key role in driving the economy globally for many decades now.
Real Estate has been instrumental in changing the landscapes of all major cities, providing one of the basic needs of housing to the majority of the population, thus enhancing their lifestyle. The industry stalwarts have worked towards providing well – planned living spaces, office complexes, retail, hospitality, education and medical facilities etc. to create modern neighbourhoods.
In the absence of organised planned Real estate developments, the middle class would be riddled with the burden of building their own homes. The onus of conservation would lie on the individual, leading to massive cracks in the city infrastructure.
In the absence of organised planned Real estate developments, the middle class would be riddled with the burden of building their own homes, maintaining their individual requirements of electricity, water, STPS etc. The onus on conservation would lie on individuals, leading to massive cracks in city infrastructure planning, with the city growing horizontally leaving little or no space for open spaces. The middle-class strata of population would be the most impacted due to this.
Thus, the need for organised Real estate Industry is most definitely undeniable. Despite their contribution to society, the Real Estate Industry has been striving to get a recognised industry status for a long time now. It is important and the onus is high on the Industry Thought Leaders to carry the mantle and systematically plan for a transformation in the Real Estate Industry and the perception of the public. While most professions have a mix of ethical / unethical practises, Real Estate as an industry has earned a bad reputation for unethical practises by some of the players in the industry. Delays in delivery, corrupt practices in land acquisitions, falling short on their promise of delivery etc being a few.
It is prudent to ensure that the consumer of real estate is made aware of the fact that the Real Estate industry plays an extremely important role in not building wealth for the developer, albeit, it’s for them to get a decent civilisation, reduced crime rate, and building a “Green “environment. It is imperative that the consumer gets to choose his option, with an understanding of fair practices, transparent norms, and fair prices – the right value for his home / office purchase. This in turn will lead to a mentally secured customer, thus ensuring higher purchase power in the retail economy and thereby the revival of the economy.