India’s urbanscape is undergoing a rapid transformation. After the policies of economic liberalization (1992), there had been a phenomenal spurt in the real estate sector. It grew from Rs. 48,419 crore in 1993-94 to Rs. 1,36,915 crore in 2001-02 and is now estimated to be around Rs. 3,00,000 crore (2011). During next ten years the business is projected to be around 8 lakh crore. Its contribution to the GDP is around 8 per cent. While the Indian economy has been growing at 7 to 8 per cent per year, real estate sector is growing at 12 to 13 per cent.