Radheyshaam had never had it so good. Sitting amidst modest surroundings, a small-time landowner, today Radheyshaam?s children go to a ?connected? school. Radheyshaam himself keeps track of his crop stock and prevailing market prices using his mobile phone. He aspires to migrate to the city suburb and start his grain business in the local market. This is the new face of emerging India, an empowered India?a world of difference between then and now. Increasingly, this is a scenario that plays itself out in town after town.
Supporting this changing scenario is the robust growth the country is experiencing across sectors, from agriculture to IT. And a frontrunner among the sunrise industries, real estate has emerged as a key contributor to the country?s economy. What is evident more and more is the fact that for India to emerge as a global economic powerhouse, infrastructure and real estate will play a pivotal role. For industries to flourish there has to be a focus on enhancing the social and physical infrastructure of the country to provide adequate boost to business.
With an ever-increasing number of entrepreneurs, vast population of growing urban young workforce, the demand for quality developments across residential, commercial and retail is skyrocketing. And therein lies the opportunity to create a new India?one of an empowered billion.
We have, indeed, traversed a long way since the time when the realty sector was unorganised, fragmented and unregulated. Today the sector has seen favourable reforms with government relaxation of norms, liberalisation of the economy and streamlining of the regulatory framework, which have gone a long way towards transforming the sector thereby putting India on the world map. However, there are still issues of laws and regulations, rationalisation of duty and tax structures, introduction of mature instruments like REMF for the industry to truly flourish, a focal point for all of us in the industry today.
We continue to believe in the India promise, of attaining greater levels of growth, development and ushering in a new world order. The India success story has only just begun, and we renew our pledge to build the ?India of 2020?, to quote Dr Kalam.
?Executive vice-chairman & managing director, Emaar MGF Land Pvt. Ltd