The Indian property market has made rapid progression in the last couple of decades. While people continue to build their own houses in smaller towns and cities, builders and developers have boosted the organised supply of residential properties in a big way. Today, there are multiple options ranging from traditional standalone houses including villas to typical housing complexes with multiple units across low-rise to high-rise towers. These dwellings are being conceptualized and designed keeping in mind the buyers with their varied requirements. Demographics and other social aspects also play a major role here.
In smaller cities and semi-urban locations where land supply is still available, houses are being built on individual plots. The house owner enjoys complete privacy, builds the supporting amenities and infrastructure as per his taste and fervor. Such dwelling has its pros and cons. While the owner enjoys complete freedom, he is not insulated from external risks that may pose a threat to the property.
Restricted supply of land has led to vertical developments taking place in cities. Today, developers are offering a wide range of options with multiple amenities that suit the requirement of modern home buyers.
Developers are also developing integrated township projects which are nothing but self-sustained urban hubs or communities. Equipped with social and other amenities such as club houses, schools, hospitals shopping complexes, these townships offer residents a wholesome living experience. These townships being built far away from city centers are also attracting buyers who are not in a position to buy their dream houses within the city limit.
Farmhouses and vacations houses are located away from urban crowd have also become a common feature to attract hi-end buyers. In the last decade or so a large chunk of this kind of supply has become part of organised supply of housing, even as these are sporadic in nature. In case of such developments, home owners are responsible for creating all required infrastructure on their own and hence often exposed to related risks.
All said and done, the Indian property market is in a transition phase with its diversified and expanded offering. Today, buyers depending upon their requirement, can chose from multiple options. Organised supply is growing to meet the increasing demand for the right kind of dwellings. Rules and regulations are gradually being laid down in order set the stage for creation of a much vibrant platform. However, it will take some time for the market to commence its second phase of growth journey towards establishing an ideal framework for inclusive development.