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Rich Infra talks about increasing frauds in the real estate industry

Real estate is one such industry which has gone through tremendous changes in the last decade. There was a time when people never used to consider properties to make investments. Today, things have been changed and now people have become more open to real estate investments. As a result of this, demand for residential and commercial properties in India is increasing every year.

Insights of Indian Real Estate Industry

In 2013, real estate sector contributed 6.3% in Indias GDP. The construction industry in India has grown by 2% this year.During year 2000-2014, the total FDI in Indias construction development sector was US $23.38 billionIn 2014-15 Union Budget, Central Govt. has allocated US$ 1.3 billion for the Rural Housing Fund.

The entry of private players in the real estate has widened the horizon of the industry. An increasing number of nuclear families and rapid urbanization have also given a rise to many townships in the nation. Further, the growth in the number of tourists in the country has also increased the demand for service apartments.

As mentioned above, the number of private developers has increased which has benefitted the realty sector of India certainly. However, this has also made the environment filled with risks and frauds. Delhi tops the list in India for fraud property cases. Hence, now buyers are required to safeguard their hard earned money from such fraud realty developers.

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