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The year 2017 has not been a good year for the real estate industry in India. A number of economic reforms were implemented which slowed down the growth of the real estate industry. The demonetization in 2016 was followed up by GST and the inception of RERA, which came up with several restrictive policies on the corrupt developers. However, from the perspective of the homeowners, the year brought several boons as these policies infused the economy with transparency. Although the homeowners had to wait for the final norms laid out by RERA, they finally got the much-needed security from the corrupt developers. As per the new rules, the developers need to deliver the projects on time. Evidently, this is good news for the Indian home buyers.
Apart from this, the government has taken initiatives on the affordable housing policy. The middle-income groups have a reason to cheer as they can now go for these affordable houses. The tax policies have also been reformed and housing loans are being made available to the homebuyers. As a result, they can now buy apartments by taking loans at low rates of interest from the banks.
Well, Haryana and Telangana witnessed a major slowdown in the growth of the real estate sector due to the implementation of the stringent norms of RERA. However, this is a positive development from the perspective of the buyers as only the genuine developers will be able to survive in the industry, eliminating the corrupted ones. Besides, the demonetization has cleaned the real estate sector from black money, which was previously a key factor hindering the transparency in this sector.
Although the economy in the real estate sector slowed down in 2017, the number of pre-launch projects is increasing. The project launches have continued in the top cities. In Delhi, the Delhi Development Authority (DDA) has been developing a number of projects. However, controversies have raged on the policies adopted by the DDA in expanding the real estate industry in the city. Well, the RERA has cracked down upon a number of corrupt developers. Delays in delivery of the projects have been one of the key problems of the real estate industry in India. Homebuyers can now get a positive solution in case of delays in project delivery.
Well, one of the notable benefits from the perspective of the homeowners is that the prices of properties have not altered much in 2017. The demand for Property in India is increasing every year. However, the prices of property have not risen. This might be an effect of the slowdown of the economy. The developers have come up with lucrative deals to attract the homeowners. Evidently, the prices of properties have been low after the implementation of the economic policies. In the big cities, the development of luxury apartments has been an important feature in the real estate industry in 2017. However, these properties are being developed for the high-income groups. From the perspective of the homebuyers, 2017 has been a favourable year. The economic reforms and the transparency in the real estate industry in India in 2017 are worth mentioning.
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