The real estate sector in India has come a long way by becoming one of the fastest growing markets in the world. It is not only successfully attracting domestic real estate developers, but foreign investors as well. The growth of the industry is attributed mainly to a large population base, rising income level, and rapid urbanisation.
The sector comprises of four sub-sectors- housing, retail, hospitality, and commercial. While housing contributes to five-six percent of the country’s gross domestic product (GDP), the remaining three sub-sectors are also growing at a rapid pace, meeting the increasing infrastructural needs.
The real estate sector has transformed from being unorganised to a dynamic and organised sector over the past decade. Government policies have been instrumental in providing support after recognising the need for infrastructure development in order to ensure better standard of living for its citizens. In addition to this, adequate infrastructure forms a prerequisite for sustaining the long-term growth momentum of the economy. We are providing audit, tax, consulting and financial advisory services to commercial and residential real estate industries.
Banking and financial services
Banking is the heart of India's financial services sector. The banking industry has undergone numerous changes over the past few years to be at par with international banking norms and standards. While the banks' motive has shifted from social banking to profit banking, dependence on ledgers, documents, cheques and slips has been replaced by electronic initiatives or cashless banking. Earlier customers used to approach banks to avail their services, but now banks approach them to market their offerings. With increasing competition and better quality of services, customised service solutions seem to be the future of banking.
Comprising primary markets, foreign direct investments (FDI), alternate investment options, banking, insurance and asset management segment, the Indian financial services market happens to be one of the oldest and robust across the globe. India is highly preferred as an investment destination as the savings rate is high (25 per cent plus) and financial products' penetration is low. Hence, it is a vast market for mutual funds, portfolio and wealth management services, insurance and a plethora of other financial products.
Volatility in the financial markets has resulted in financial institutions struggling to maintain their growth and profitability. Alongside, the global economic slowdown has taken a toll on the Indian economy, pressurising margins as well as the very sustainability of financial service companies. These dynamics call for the need to establish robust business models and ensure quality management. The sector is now at a point of inflection undergoing multiple regulatory and reporting changes. One of the biggest challenges is the move to Basel III, which includes strengthening bank capital requirements and adopting new regulatory requirements on liquidity and leverage.
Lunawat has rich professional expertise in this field. Services we render for this industry comprising of Banks, NBFCs, Insurance Companies, Share Brokers and Financial Consultants are Audit & Assurances being Statutory, Tax, RBI and Concurrent, Statutory Compliances, Taxation, assisting in Regulatory Compliances, Inventory and Receivables verifications for their clients and Consultation. We have provided our services to some of the leading Indian and Multinational companies in this sector.