The Evolution of Real Estate: History & Current Trends

Chandigarh was the first-ever planned town that was built after independence in the 1970s, and that was a great success. With the success of the first planned city, real estate businesses benchmarked their creativity and helped in expanding this business and more townships around the nation. With the success, the number of skyscrapers, office buildings, urbanization, and increase in living standards have increased demand for such townships. As economic liberalization took place in 1991, the opportunities for foreign investors and stakeholders to enter into the Indian market increased. However, in some ways, this economic liberalization helped but also impacted the family’s lifestyles. With the rapid population growth and increasing population, individuals started moving to towns for better lifestyles and better opportunities, this also contributed to a rise in demand for townships. With township culture, families moved from “joint” to “nuclear,” and this increased urbanization in 1980 to 23.34% to 25.72% in 1991.