A House of Cards or Foundation of our future?
How much land does a man (person) really need?? Wondered LEO TOLSTOY in 1886!
Its 2025, I am asking the same question: Not as a philosophical rhetoric on our greed for more land but as a frustrated homebuyer, observing the chaotic “home run” our real estate market seems to be having on our expense. We’re seeing brokers become builders and agencies morph into developers. Yet, we’ve all heard the horror stories: builders who vanish with our life savings, leaving poorly-finished “Super Storeys” to collapse while people sleep in them. So why is our reality so miffed by deceit and show of images versus reality? How are real estate markets ethics so compromised? Is it true their greed is more than someone else’s need?
The questions I want to explore today seem very complex yet are critical issues within the Indian real estate market ie from the basics of how much land one needs to the ethical and economic challenges facing the sector to requirement of government intervention especially considering Real Estate is the foundation of any strong economy.
Land and Space Requirements: The amount of land needed for a home varies widely across India. In South India, a “ground” is 2,400 sq. ft., while a “guntha” is 1,089 sq. ft.. In North India, a “bigha” can be 27,000 sq. ft.. The average size of apartments has been increasing in many cities, suggesting a preference for more spacious homes.
- The average flat size in the top seven Indian cities grew by 32% over five years, from 1,145 sq. ft. in 2019 to 1,830 sq. ft. in 2024 to 2,100 sqft in 2025
- This rise in square footage is an indicator of growth, as it’s often driven by a surge in demand for luxury and premium housing.
- Interestingly we are seeing a similar pattern across our Teir 2&3Don’t Just Make a Living, Build a Nation: The New Indian Hustle is Beyond the Metro. cities as they move from Sector to Society living ie Home to Apartment adding to the growing demand.
- Sector Growth Indicators & Challenges Home: The overall real estate sector in India is projected to grow significantly, potentially reaching a $5-10 trillion market by 2047.
- This growth is supported by factors like rapid urbanization, infrastructure development and a shift in consumer preferences towards larger homes an indicator of surge in demand for premium and luxury housing across markets. There is NO STRUCTURED Real Estate growth approach, market is so fragmented and unregulated leading to uncontrolled rate fluctuation. Despite the fact we have Cheap labor and manhours at our disposal we have NOT BEEN able to harness this vast resource.
- However there is extreme challenge, where developer is facing pressure on cash flows with rise in working capital requirements caused by Inflation and geopolitical issues.
- Needless to add the building community is always been forward looking, to secure land at cheap rates, they double book to secure prospective land banks mostly using the working capital from their existing undelivered projects.
- Is our Realty Realistic: The real estate sector has a reputation for various scams and frauds. These can include title fraud, where a scammer forges documents to sell a property they don’t own, or pre-launch scams where a builder sells a project on land they don’t have the legal rights to. Developers may also make false promises, deviate from original plans, or use “rushed sales” tactics to push buyers into quick, regrettable decisions. A common practice is for builders to use disclaimers in their brochures and advertisements, stating that images and amenities are “indicative only,” making oral assurances meaningless. It’s not a sobering realization that for every glossy brochure, there’s a potential for a devastating scam.
- REAL ESTATE is backbone of our economy and yet we are not able to create checks and balances leading to lot of corruption, can we compare our RE market with that of US or Dubai? Are these markets also riddled with similar issues? Answer is NO… market is regulated & strongly governed by laid norms.
- While, we have seen cases across India, Metros to Teir 2&3 cities where developers duped multiple homebuyers of crores by delaying flat possession and abandoning the project midway or selling flats that were already mortgaged with a bank, without the required permissions.Nexus between builders, patwaris and banks in NCR, where homebuyers were left stranded with loan payments for projects that were never completed.
- It makes you wonder: why do people with so much to lose not demand more? Why is Government looking the other way? I Strongly believe our growth is pegged on strong, honest, infra base… The NEEV for which is regulated Real Estate sector.
- Why we DO NOT Demand Value for our Money: Some experts suggest that many Indian homebuyers make emotional decisions rather than strategic ones. They may be swayed by discounts or the “dream home” concept without considering crucial factors like resale value, rental return on investment, or legal due diligence. Additionally, the market dynamics themselves may be a factor. Some believe that the Indian real estate market doesn’t always follow conventional supply-and-demand economics.
- Indian buyer is influenced by relationships, Coterie influencers ‘Cubicles2Creators’: Is the Future of Education & Work Redefined? hoarding and needless to add unaccounted cash (“black money”), which can artificially inflate prices. This can lead to a situation where average citizens cannot afford homes despite the market’s apparent growth.
- How Does an Honest Developer Look Like?
In this jungle of a market, identifying an honest builder feels like finding a unicorn. But I’ve learned that there are concrete indicators to look for. An honest developer isn’t just a great salesman; they’re a legitimate business owner.
- RERA Registration: http://RERA The Real Estate (Regulation and Development) Act of 2016 (RERA ACT) is a game-changer. A builder and their project must be registered with RERA, especially if the land area is over 500 sq. meters or has more than eight apartments. RERA mandates transparency, requiring builders to disclose project details, layout plans, and completion timelines on the RERA website. The government also has the power to intervene; they can revoke a builder’s registration or impose penalties for non-compliance with RERA under Home Buyers Rights.
- Builders Financial Stability/ Background check: Do your homework. A credible builder has a history of financial stability. A DEBT FREE or FREE HOLD Owner who not only own but manage the property and are involved in the project would surely be a person worth its salt. Look for a builder whose property has been lived in and previous ones Timely Delivered. Talking to 1st hand experience residents is better than any online review by influencers.
- Legal Compliance and Quality: The one who is open about their legal compliance and provides documentation like licenses and insurance. An honest builder is accountable for their work, with RERA even mandating that they must fix any structural defects or issues for up to five years after possession, at no extra cost.
- Project Transparency, Facilities, Features & Maintenance: This seems like basic but a very important aspect than the Sample Flat showcased at the site. You should check their track record previously delivered projects, maintenance and upkeep of those projects, meet up with residents of the project.
- Surrounding Up keep and safety: This is a question many of us forget to ask. We focus on the four walls, but what about the roads, the drainage, the parks, and the streetlights? RERA helps clarify this. The Act defines “external development works,” which include roads, water supply, and drainage systems, as part of the builder’s responsibility.
So, How Much Land Do We Really Need?
The question isn’t about the physical dimensions of land but about the value we place on it, the ethics that go along the journey. Are we demanding the right value for our money? Is it time we demanded transparency and accountability. After all, a home is more than an investment; it’s the place where our life story unfolds. It’s time we ensure that story is built on a solid, realistic, ethical and value based foundation. Needless to add we can make India truly AtamNirbhar by using the immense potential of our REAL ESTATE market, judiciously deploying the vast unskilled manpower, adding structure with guiding regulations to harness growth across our country. Its time Government redefines the sector to redefine our future. These personal thoughts after my recent Home Buying challenges, whats your take on the sector? Should there be some Govt governing to the growing greed?
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