“The Reserve Bank of India (RBI) has lowered rates of interest for the fourth successive time in the ...
Tanuj Shori, the Co- Founder and CEP of the proptech start up Square Yards is hopeful that the Indian real estate is going to see a huge surge after the RERA has been properly implemented. He calls himself an accidental entrepreneur and is of the opinion that before Square Yards came into existence, the Indian real estate was extremely fragmented and buyers and sellers alike hardly had any common grounds to come together. It has now helped to bring structure in the platform and the RERA itself is going to make the industry a lot more organized. He is hopeful that it will induce many new investors to invest in real estate again, a phenomenon which had taken a backseat in the last decade or so. After six successful years, Square Yards can boast of a presence in not just 12 cities in India but also overseas like in Hong Kong, Australia and Dubai.
Tanuj Shori is also of the opinion that many industry insiders are still themselves not aware of the huge implications that RERA is going to have in the coming years. In a country with a population of 1.2 billion and where home ownership is about 35% to 40%, this could have a long term ripple effect. Moreover, more and more people are moving to the cities from the rural areas and they are looking for affordable housing as well. That would mean about 50 million families would need new homes each year. Cities like Gurgaon, Pune and Mumbai will see a huge surge in housing and there is to be an explosion in the Rs 50 to Rs 60 lakhs segment.
The mid market segment is also on the rise because the young professionals are now no longer waiting till their middle ages to invest in their homes. The latent demand for new apartments is on the rise and flats are being booked even before the construction has started. Hence, the industry will grow between 20 to 40 times in the next ten or fifteen years and although the middle men will not be done away entirely, they will still have a crucial role to play in bringing buyers and sellers together. Tanuj Shori, through Square Yards, has helped bridge this gap efficiently and the value chain is stronger and more streamlined than it was ever before.