Realty@75 - Reformed, Regulated, Reinvented & Responsible
Over the last 75 years of India’s Independence, the real estate sector has come a long way from an unorganised, unregulated family business to a corporatized, well-regulated, reformed, transparent, responsible, and future-ready industry.
Vinod Behl
The post-Independence journey of real estate in the first few decades was non-eventful. The lack of proper planning and policies, coupled with severe fund crunch, proved to be a big road block in the growth of housing and urbanisation at large in the country. It was a daunting task to undertake planned urban development and provide shelter to millions of people due to the absence of a housing policy.
Whatever construction and real estate developments happened during the initial years; it was largely unorganized. In 1970, the Housing and Urban Development Corporation (HUDCO) was formed under the ownership of the Ministry of Housing and Urban Development for undertaking planned development. This was followed by the launch of the National Housing Bank (NHB) in 1988 as an apex regulatory body for the overall regulation and licensing of housing finance companies.
Vinod Behl
The post-Independence journey of real estate in the first few decades was non-eventful. The lack of proper planning and policies, coupled with severe fund crunch, proved to be a big road block in the growth of housing and urbanisation at large in the country. It was a daunting task to undertake planned urban development and provide shelter to millions of people due to the absence of a housing policy.
Whatever construction and real estate developments happened during the initial years; it was largely unorganized. In 1970, the Housing and Urban Development Corporation (HUDCO) was formed under the ownership of the Ministry of Housing and Urban Development for undertaking planned development. This was followed by the launch of the National Housing Bank (NHB) in 1988 as an apex regulatory body for the overall regulation and licensing of housing finance companies.
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NBM&CW September 2022
