The Indian real estate continues to face challenges in terms of cash crunch and market fluctuations. However, it seems developers are confident about industry’s long-term future growth.

In an interview with Business Today, Surendra Hiranandani, Chairman and MD, House of Hiranandani, said: “Indian real estate industry is evolving rapidly post the regulatory developments. The long term prospects continue to remain positive and we are observing signs of recovery as the effects of multiple reforms have begun to shape up the sector. Focus on end-user driven demand and consequently shift towards smaller towns is at the focal point of this change. Increasing urbanisation and the expanding urban fabric of tier II and tier III cities in the country will be the prime drivers for the growth of real estate in the future.

“The market is now experiencing consolidation as unorganised players are struggling to cope with stringent compliance norms under RERA. Only credible developers who conduct their business with transparency will survive in the future. This is good from a buyer’s perspective as one is assured of a quality product within stipulated timelines.”

In his views, the government can remove ‘unnecessary documentation,’ which will benefit the industry players to a large extent.