Rather than view it as a purely sentimental phenomenon, it makes sense to analyse the traditional connection that the Indian real estate market has with the monsoons.
The Indian real estate market was notorious for its lack of transparency, but that is changing rapidly. A real estate company does not only have a responsibility to its clients – it is also accountable for the state of the market it operates in. Unethical practices in real estate are the product of a short-term, mercenary approach to the business.
Can we claim that India’s retail districts have attained a level of design and ambience comparable with those in developed countries? We are getting there, but the answer is still a resounding ‘no’.
The development of BKC resulted in the opening up of some space at Nariman Point for a short while – a gap which closed up quickly because of the constant demand among for a high-profile corporate address. Today, while Nariman Point retains its historic significance for corporates and the finance sector, the rest of South Mumbai is now also back in vogue as the preferred launch pad for any international corporate entering India for the first time.
The global economic slowdown and its effect on the Indian economy has doused the fire of excitement of even the most optimistic developers and investors. It has resulted in an extreme crunch for investment in the hospitality sector, coupled with the decrease in demand for rooms. This double whammy put to rest most of the ambitious plans of expansion across the country.