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Existing Scenarion
Increasing urbanization, higher standards of living, lower interest rates, easy loans, instability in stocks have led to more real estate investments.
Possibilities of 100% FDI in integrated townships, and developments like multiplexes, have heightened the pace of the real estate industry.
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.
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.
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.
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.
Need Of An Academy
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.
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.
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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