Property in East India
India is a very large country with a lot of diversity in language, culture, and living. We can divide the country in four main regions, East India, West India, North India, and South India. The eastern part of India includes the major states like West Bengal, Bihar, Orissa, Jharkhand, Assam and also the eastern most states like Arunachal pradesh, Meghalaya, Mijoram, Nagaland, Manipur, Sikkim, and Tripura.
Since the region is mainly rural and agro based, the majority of cities of eastern India are lagging behind in industrial development, availability of infrastructure, living standard etc. than other parts of India. Though there are certain cities like Jamshedpur, Kolkata, Guwahati, Bhubaneswar which have sound industrial, commercial, and residential facilities. The other cities are trying to emerge and reach that level.
- Darbhanga Jharkhand
Real Estate Scenario in East India The real estate sector is in its infant state in east India. Only some major cities have seen the boom in real estate sector. The pathetic seen of real estate is largely due to the government policies in the states like Bihar & Jharkhand. However states like West Bengal and Orissa are comparatively in a good position and are likely to become major centers of real estate in near future. According to a report, Guwahati is ranked 12th among the most emerging cities of India in terms of real estate investment. The other regions and cities are attracting huge investment in the real estate sector and due to enormous potential hidden in this part of India it is going to be one of the major centers of real estate in coming time.
Factors Responsible for Growth in Real Estate
- Increasing Population: The eastern India is one of the densely populated regions of India. States like West Bengal, Bihar, and Orissa are highly packed with manpower. With rise in population, the requirement for real estate is increasing at a rapid rate. As the population of working people is also on a roll so the demand of residential as well as commercial property is on rise.
- Purchasing Power: The growth of real estate sector in eastern India can be attributed to the increased purchasing power of middle class people. With the continuous surge in economy of the country, boom in the IT/ITES, BPO, and Retail sector, the income of people has manifolded and it is a major reason for the growth of real estate.
- Development of Infrastructure: The governments of east Indian states are taking major steps to boost the infrastructure in their regions. Huge investment from the foreign as well as from Indian companies in infrastructure have really helped these states to flourish. The roads are getting better, the water and electricity supply is good, new bridges and flyovers are being built, and all these factors entirely contribute to the growth of real estate.
- Industrial Growth: With the change in government policies in some states, the industrial sector of east India is also taking major strides. The big names of Indian industries are establishing several plants and manufacturing units in these regions. Large number of industries demand more real estate requirement in the industrial sector. Due to it the overall scenario of real estate in this region is looking very positive.