Everyone has the dream to have a house.
And it is such a scenario where so many people now
have started living in nuclear families.
Break-ups in joint families during last few decades promote
the people to buy home and apartments for their own.
In the last few decades, the income of middle class people
is rising. Apart from the income factor, low interest rate on
bank housing loan and young generation's modern thought
for house ownership are some basic reasons for development
in the real estate industry.
Real estate is such an industry which is blooming very vastly
during the last few decades. The growth of this industry has
moved to 35 per cent, which is estimated about US $ 15 billion
and in future decades it is expected to grow at 30 per cent annually.
It shows that people will be influenced towards this sector.
After the year 1995, large number of business groups, IT
companies and BPOs have moved to Indian market for
establishing their offices, hotels, factories, workshop.
This has given a huge boost to the real estate market.
In India this industry is engaged in residential and commercial
constructions. Commercial property is especially designed for
business, industrial and institutional activity for generating revenue
and profits. And residential property is for residents only. Delhi and
NCR, Mumbai, Kolkata and Chennai are such metro cities where
it has worked beautifully. Prices of property, houses,
apartments, offices are moving higher, because of progress in the realty sector.
Infrastructural development of any country depends on its realty
sector development. For introducing foreign companies, hospitals,
schools, townships, offices the country needs development in the realty sector.
India's economy is a developing one. And Reality sector forms 5-6 per
cent of the Gross Domestic Product (GDP). Large scale investment,
rapid urbanization and Foreign Direct Investment (FDI) are contributing
to the growth of real estate sector in India. Government also
promotes the international business groups to invest in this industry.
It is such an industry where so many of job opportunity exist and
it promotes several different industries like glass, iron, cement, paint, steel etc.
After the introduction of of international business groups in realty
sector market prices of property are scaling newer and newer heights.
They offer as much cost as a property owner demands.
When the prices of property in metro cities are very high they
are moving to smaller towns.
Every middle class family has the dream about their own home.
Housing Loan is provided by the banks and various financing companies.
They issue home loans for purchasing of house, building and apartment,
against some securities and thes elife insurance policy securities are
assignments, guarantee from one person to another, share deposits.
The maximum amount of loan for purchasing and constructions in
rural areas is Rs. 25 lack and for semi-urban, urban and metros
is Rs. 100 lacks. Bank and financial institution also check borrower's
financial status. After that, loan provided by them covers
about 80-85 percent of the total cost of home.
Banks like State of India, Punjab National Bank, ICICI, HDFC bank
etc., are such banks which provide Housing Loan to those people
who want loan for purchasing a home. Interest rate of these
banks are very user friendly.
Author: jolly
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