At the center, the election was just the evolution. Today, the political control on the most powerful commercial nerves Haryana and Maharashtra is on the preference and the real estate market on these states is about to witness the unparalleled pace of revival. The enhanced inflow of investments in real estate has largely been driven with this revival with PPP (Private-Public Partnership). Both Gurgaon and Mumbai enjoy lion’s share in real estate development and both of them are experiencing significant growth when it comes to amalgamation of commercial spaces over the last few years.
With the significant population growth because of the migration of home seekers coming from smaller cities to these cities, residential spaces have been witnessing great demand. Both of these cities have accounted for around 30% to 35% of the overall real estate market in India. In Mumbai, the supply of commercial spaces has been slated to around 30 million sq. ft. by the year 2018 of about Rs. 700 billion. About 1.5 lakh residential units are under construction and their estimated market value is Rs. 2000 billion. In Gurgaon, the supply of commercial space is proposed to about 20 million sq. ft. by the year 2018 and their value would be Rs. 200 billion. About 80000 residential units are under construction and their value is estimated to INR 500 billion.
The major focus of the BJP government has been transparently clear that they are going to provide impetus on infrastructural development in the nation. With this effect, they will further amplify with the formation of part in Haryana and Maharashtra. The infrastructure development in these states would be the great source of revenue.
In the pipeline of PPP projects, some of the major infrastructure developments are Mumbai Trans Harbor Link and Navi Mumbai International Airport planned at Panvel. The harbor link is proposed to start which as delayed in 2004 along with Mumbai Metro expansion. In Gurgaon, some major projects include MRTS line expansion and the development of several major residential projects. The lengthy and complicated approval processes are the main bottleneck for development. When the BJP government came into political power, there are huge hopes to be seen on avoiding procedural delays due to different complicated norms.
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