If a sector that has grown phenomenally in India, but has not got the kind of attention the financial market has got, it is the real estate sector. In 2005 alone, the real estate market in the country touched a total of 23 million sq. ft. of new space, as compared to 18 million sq. ft. in 2004. The housing sector has also been growing at an average of 34% annually and experts estimate that there will be annual shortfall of 20 million housing units through 2011, and India will see 75 million sq. ft. of retail space by 2007. With the ongoing liberalization in the sector, various foreign investors have shown a lot of interest to participate in the real estate industry in India. However, as the industry continues to grow exponentially, this also raises certain serious concerns. However, issues like rapidly rising prices in the real estate market and tightening interest rates give rise to fear about possible bubble in the making. In this backdrop the question arises: Is the current real estate boom sustainable? Further, going ahead, besides the above, other factors like proper implementation of real estate laws, regulation of stamp duty and rent control will pose serious challenges. The book, “Indian Realty: The Changing Landscape," offers insights into the following aspects: growth potential of the real estate sector in India, industry structure, competition, regulatory environment, stumbling blocks, FDI in the sector, measures to deal with the unrealistic price rise and hence, threat of any possible bubble in the making, and lessons from developed markets like the US, UK, and Japan.
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