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India has around 32,87,590
sq. kilometer of land. Its population is around 1.1
billion, covering around one sixth of the population of
the world. Now going by these statistics, every man
cannot own property of his own. So, it is but obvious
that that the property in India is unevenly distributed.
Some people have acres of land, while some don't even
have place to sleep. Some have numerous flats in one
city, while some don't have a foot of land to call their
own in the whole country. With such a trend, the
importance of property and its role in the society is
heightened.
People have mainly two
kinds of property in India: First is what they have
inherited from their ancestors, while the other is what
they buy themselves from their own income. They value
the latter more than the former. However, at some places
a vice versa situation can also be seen, especially in
northern India.
Property can be anything
from a piece of land to a bungalow to a small row house
to a flat. It can be residential or it can be commercial
like shops, showrooms, etc. Each of them has its set of
regulations set by the government, and has to be adhered
to.
There is urban land in the
form of plots or Government built row houses of various
standard sizes or flats; and there is rural land
comprising of cultivable land like farms and gardens.
The Government has been buying land from the rural area
and converting it to urban zones by building roads,
plots, houses, shops, etc.
The rates of property are
extremely high in the urban areas, especially the big
cities. The smaller the city, the lower the rate. In
cities like Delhi, Mumbai, Kolkata, Chennai, Bangalore,
Ahmedabad record the highest rates, due to shortage of
land. Cities like Lucknow, Bhopal, Pune are the newly
developing cities where the property business is
flourishing.
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