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The year 2016 had been a landmark year for the real estate in India. There was a lot of hustle and bustle in the market as many new rules and policies were being introduced and implemented. But now we can expect the home-buyers to return back. The overall market sentiment is quite positive and will help the buyers make a quick decision.
The implementation of RERA has helped the buyers regain their lost confidence and it has made them understand that the India real estate industry will now be a reliable and transparent sector leaving no scope for illegal practices. The buyers should look forward to purchasing their dream homes, thereby giving the Indian property market a much-needed boost.
The India real estate trend shows that market here is very dynamic and has many sub-markets involved. While there are many people who are willing to make a purchase, there is still a big lot who is still sticking to their wait and watch approach. The year 2017 is expected to be a consumer-friendly year for the real estate industry as with the successful rollout of RERA and many other game-changing reforms, the buyers are free from fraudulent developers and many other illegal elements in the industry. Also, since there is a great demand for affordable housing, the builder’s increased focus towards this segment will help achieve the government’s target of ‘Housing for all by 2022’ and will give the buyers an array of properties to choose from.
It was predicted that post the currency ban, the interest rates will reduce after every few months and still there is a scope for a 1-2% reduction. However, the RBI in its recent monetary policy review for 2017-18, has lowered the lending rate to 6%, an all-time low in the last 6 years and has focused on the need to boost housing under PMAY. This reduction in the interest rate will make the home loans and personal loans cheaper as the monthly installments would reduce considerably.
The festival season is considered auspicious for buying a property and the realty industry is very optimistic for better sales during this period. All the buyers, who post-RERA and GST had been following the wait and watch approach, are likely to get active during this festive season.
RERA is giving the three main components of the real estate – the buyers, developers, and the consultants – a thousand reasons to cheer. The dishonest elements will be weeded out from the system and only the true and genuine ones will survive offering the consumers the best and profitable deals.
Hence, with the regulatory reforms in place, we are looking for a real estate market which is trustworthy and free from all sorts of unscrupulous practices and shall be contributing largely towards the growth of the country. There are many interested home-buyers who are ready to buy both affordable and luxury housing. The Indian realty graph is on an upward trend and there is a subsequent increase in the enquiries made. Overall, 2017 is considered to be a consumer-friendly year for all and it will maintain its status.
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