While India's property sector has undoubtedly witnessed a renaissance, a lot needs to be done still. Without waiting for the government to initiate changes, the industry players themselves should introduce reforms.

India is the only country which has a budget session for public transportation system. Really appreciated, however, at the same time, the world's second most populated country does not have any budget session for discussing or funds to allocate or for planning to satisfy one of the basic needs—`housing'. When will we move from GDP-focused to Human Development Index (HDI)-focused economy?

As regards the Indian real estate, the question that arises, at this juncture, is—Has the Indian real estate industry achieved global standards with regard to investment, development and joint ventures?

India's property sector has undoubtedly witnessed renaissance, courtesy expansion of values in the construction industry coupled up with perpetual growth rate of the economy. This has resulted in a whopping 30% growth in the real estate industry annually.

It is estimated by industry experts that real estate development in India will grow from $12 bn in 2005 to $90 bn by 2015. In addition, global capital has become more interested in Indian property and is seeking transparent and liquid ways to invest.

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