Real Estate Growth and Regional Challenges
In recent years, the real estate sector has demonstrated remarkable growth. However, experts believe it is likely to stay a regional affair in India. This situation arises because different regions have different laws and regulations.
Impact on Developers
Anuj Puri, the Country Head and Managing Director of Jones Lang LaSalle Meghraj, a leading property consultancy firm, emphasized the difficulties developers face in achieving a pan-Indian presence. He cited varying procedures and laws in each state for acquiring land, property taxation, and securing project approvals as significant hurdles.
Local Dynamics
Given the necessity to understand local dynamics for real estate development, many developers view the property sector as a regional business. The complexities of different regulations in each state make it challenging for developers to expand their operations nationwide.
Call for Uniform Regulations
Many consultants and developers believe that until there is uniformity in land acquisition processes and regulatory approvals, the problem of achieving a pan-India presence will persist. Unifying these processes could help developers overcome current barriers and expand their reach.