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| Existing Scenarion |
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Increasing urbanization, higher standards of living, lower interest rates, easy loans, instability in stocks have led to more real estate investments. |
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Possibilities of 100% FDI in integrated townships, and developments like multiplexes, have heightened the pace of the real estate industry. |
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Government initiatives such as repeal of ULC Act and Rent Control Act, and easy housing finance, have given a fillip to the real estate industry. |
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At the state level, about 4500 hectare of peri-urban agricultural land, which is an equivalent of nearly 45 Town Planning Schemes or nearly one-fourth of Ahmedabad, is being converted to urban use in Gujarat. |
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At the national level, there is a demand for 40 million dwellings, including 15 million in urban areas. This translates into rupees 2000 billion required for housing and 2500 billion for infrastructure. |
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Non-primary activities, predominantly from urban areas in Gujarat, constitute 82 percent of the state’s GDP. Concurrently, urban areas are densely populated and pose a continued demand for serviced land, housing, commercial spaces, retail markets and infrastructure. In Gujarat alone, Ahmedabad, Rajkot, Surat and Vadodara are populated with a million-plus people. Currently, real estate in Gujarat is a nearly 50 billion rupees industry with an annual requirement of nearly 20 million square meters. |
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| Need Of An Academy |
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Real estate development and management requires considerable level of skill and expertise in many areas – legal, building construction, pricing, consumer knowledge, planning and management of property and business. A number of developers and professionals have acquired expertise through experience, after investing considerable time and money in the field. This time can be considerably shortened by such an academy. |
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The academy would serve as a platform for exchange of skills, expertise and experience, and a data bank of relevant information and knowledge in real estate. |
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An academic institution means in other words, a concentration of knowledge, ideas, skills and people that eventually accelerates the growth of the industry. |
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