How real estate markets get organised: the US journey and what is next for India

RERA, mandatory licensing, organised agencies, informed buyers — India's real estate market is on the same trajectory the US market followed. The direction is not in doubt. Each cycle leaves the market more structured than the one before.

The US real estate market was not always the organised, regulated system it is today. A century ago, transactions were informal, agents were self-taught, and buyers had very little protection. The shift toward a structured industry happened gradually: professional associations established codes of ethics and training standards, zoning laws brought clarity to land use, the Multiple Listing Service created a shared marketplace, and eventually licensing became mandatory for agents. The result, over decades, was a market that buyers and sellers could navigate with greater confidence and fewer surprises.

India’s real estate market is on a similar trajectory — at an earlier stage, but moving in the same direction.

RERA, passed in 2016, marked the most significant shift. Developers are now required to register projects, disclose timelines and specifications, and be held accountable when they fail to deliver. Buyers have formal recourse that simply did not exist before. The change in developer accountability — particularly in larger cities — has been meaningful, even if enforcement remains uneven.

Professionalism is rising in advisory. The difference between the brokerage experience in Mumbai or Delhi today versus fifteen years ago is substantial. Organised agencies, trained advisors, and buyers who are far more informed than previous generations have raised expectations across the board.

For buyers operating in South Delhi’s upper segments — where transactions run to ₹10 crore and above — the direction is clear. Documentation standards are rising. Buyers increasingly refuse to transact on informal terms. The market is gradually self-selecting toward participants who operate cleanly.

This is a transition, not a destination. India’s real estate market will take time to reach the regulatory maturity of the US. But the direction is not in doubt, and each cycle tends to leave the market more structured than the one before.

Grey Beard Real Estate

Have a question about this?

Enquiries are reviewed and qualified before Ashutosh engages directly. Serious buyers and sellers only.

Related reading