Future of Real estate & Infrastructure Development in India
India is a country of immense potential. With the right mix of policies, India can be a superpower in the world. In order to achieve this, the real estate sector needs to play an important role. India's information technology and its allied services (IT/ITES) have already marked a global presence and proven the world that we're number one. After the Covid-19 pandemic, India is seen as China's alternative. Our country has proven that we are also capable in the Pharmaceuticals and Chemical industries. There has been tremendous growth in the Chemical and Manufacturing & Processing units of the automotive and electronics industries. Now, our country is envisaging becoming a hub for data centers and semiconductor manufacturing.
REAL ESTATE NEWS
India is a country of immense potential. With the right mix of policies, India can be a superpower in the world. In order to achieve this, the real estate sector needs to play an important role. India's information technology and its allied services (IT/ITES) have already marked a global presence and proven the world that we're number one. After the Covid-19 pandemic, India is seen as China's alternative. Our country has proven that we are also capable in the Pharmaceuticals and Chemical industries. There has been tremendous growth in the Chemical and Manufacturing & Processing units of the automotive and electronics industries. Now, our country is envisaging becoming a hub for data centers and semiconductor manufacturing. The recent central government PLI Scheme is attracting lots of private international and domestic manufacturing investor companies in India. Several states in India are organising Global Investor Summit to attract investors all across the globe. The recent Madhya Pradesh Global Investor Summit signed MOUs totaling more than 100,000 crore rupees in investments. The Adani Group has signed an investment of 60,000 crores in Madhya Pradesh. The Uttar Pradesh Global Investment Summit is planned for 10-12th February, and already more than 23,50,000 crore rupees of investment have been signed in Memoranda of Understanding (MOUs).
With projects such as the City Metro connectivity in all metro, major and state capital cities presence, the country has made significant progress in creating infrastructure. The way to be a superpower is to create an infrastructure that is world class. This means that India needs a good network of roads and highways for transport; this will help both private and public transport. The country also needs to develop its airport network with airport hubs in different location. The private sector has already been a major contributor to India’s economic progress in the last few years. With time and development, this will continue to happen. When we take a closer look at the numbers, it is estimated that real estate contributes about 17% of GDP and employment generation in the country. In 2023, there is an expected increase of demand in the sector, which will result in an increase of over 10% from what it has been in the past. In the current scenario, India is expected to be a superpower by 2030. With multiple infrastructure projects being undertaken such as the Metros and highways for transport, India is on its way to becoming a superpower.
The Indian government has announced various initiatives such as affordable housing and infrastructure development, but these need to be backed by strong policies in order for them to be successful and sustainable. The government is trying to revive its economy with the launch of a major infrastructure development program, but needs to improve transparency and accountability in order for these to be successful. The Indian government should develop stronger policies that promote social equality, economic growth and sustainable development.
A decision to purchase or lease a property is often more influenced by commercial pressures than the actual quality of the land and building. However, due diligence can alert you to any issues that will affect the building in the long-run. This enables the risks inherent in property acquisition to be managed. In general, getting legal due diligence is a normal practice in the real estate market. Unfortunately, doing legal due diligence only emphasizes ownership title clearance and land area size and measurements as per government records. So legal due diligence report doesn't highlight any technical or environmental risks that can obstruct or hamper the project's investment.
How Technical and Environment Due Diligence plays vital role in real estate activities?
The due diligence process is an important step in the real estate development process. It is a crucial step to ensure that the project will be successful. Due diligence is a critical process that must be followed if a project is to be successful. It involves assessing the risks involved in the project and any available information that may pose a risk, such as environmental hazards, social or community impacts, economic impacts, and construction risks. Due diligence mandates the collaboration with outside experts to successfully perform its function.
A technical due diligence is a process of investigation and analysis to determine the suitability of an investment in the land or building. Before initiating any kind of real estate project, it is crucial to make sure that the regulatory and statutory frameworks governing the envisaged class of buildings are understood. Failure to do so can lead to impediments in execution of the project and long-term difficulties for building occupants. The applicable building bylaws and state laws need to be considered and employed at various phases of the construction process so that the project is hassle-free for the owner and the occupants.
Purchasers should always remember that caveat emptor, or "let the buyer beware," is the doctrine that governs all property transactions.
An environmental due diligence is a process that provides information on all aspects of an environment that may affect the business operations or performance of an organization. It includes natural hazards, environmental regulations, land use restrictions, cultural considerations, labor relations, community development activities, political stability and quality-of-life issues. There is a variety of different views on what should be included under an environmental due diligence, but typically the process incorporates a review of local land use and zoning restrictions, as well as environmental regulations. An environment due diligence is a report that evaluates an individual's or company's ability to comply with environmental laws in order to avoid fines or penalties.
The famous Latin maxim "Ignorantia legis neminem excusat" states that there is no excuse for not knowing the law, and ignorance of the law does not excuse anything. Someone who is ignorant of the law cannot claim an ignorance defense.
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