2017: A game-changing year for Indian Real Estate
The new Government in power has brought about radical, transformational changes in the history of Indian economy. The quick implementation of Demonetization, Real Estate Regulatory Act (RERA), FDI relaxations, GST, Benami Transactions (Prohibition) Amendment Act, Change in Accounting standards IFRS etc., have only proved that one can expect complete transparency, credibility, and integrity from players in the market. For those looking at investing in their dream homes, there couldn’t be a better time, as reliable, organized players are ruling the roost.
Demonetization has naturally led to a temporary slowdown, but it won’t be long before the market picks up again. Prices of properties have stooped down to an all-time low leading to a surge in the demand for property like never before.
The transformational wave has led to a battle of survival of the fittest, where only ethical and sustainable players who can withstand the storm will survive – wiping out those that have managed to come so far, thriving on unethical means. Demand will soon supersede Supply; especially in the mid-market and affordable housing segments, and hence, this is one of the best times to invest in properties of your choice.
Also, banks are now inundated with surplus liquidity to suit the borrowing needs of consumers. Factor in the slashed interest rates, and you have the perfect recipe for major investment.
With the way the current situation is shaping up, the scenario for both, realty developers and consumers is favourable. Ethical and credible players will be able to further deepen their roots in the market, and consumers can expect properties at significantly lower rates.