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The real estate sector in India witnessed several changes in 2017 with the government regulations coming into play. The economic policies slowed down the growth of the sector to a substantial level; however, homebuyers are likely to enjoy a good time in 2018. With enhanced transparency in the real estate industry as a result of demonetisation and other policies of the government, the investments are likely to increase. Besides, investor-friendly bank policies will favour investment in the real estate sector.
The real estate sector in India depends on contract workers to a large extent. As a result of demonetization, the sector faced difficulties in transactions. However, cash transactions are likely to become more transparent as a result of demonetization. However, as a result of demonetization, the land prices became stable to a certain extent. This will result in increased land sales in 2018. The Indian economy absorbed the shock of demonetization by April 2017. The RERA and GST were also announced at this time, and the stringent norms of the government on the developers led to a stagnation in the economy. The developers and buyers were not clear about the final guidelines prescribed according to the RERA guidelines. For them, it was a good option to wait until the final notifications came from the authorities. At present, the real estate industry in India is in the recovering phase, with more investors going for property coming up in different cities.
The leading developers in the country are coming up with residential complexes for the high-end and middle-income buyers. The 2BHK and 3BHK apartments are being developed for the homeowners, assessing the demand in the industry. However, the three policies of the government have been efficient in refining the industry to a great extent. In 2018, the industry is likely to witness new delivery standards, transparency, and accountability. The demand for mid-sized apartments is likely to increase in 2018 and the reputed developers are complying with the regulations set by the authorities.
The builders are focussing on various niches of development, like residential complexes, plotted developments, townships, retail and commercial spaces. As a result, the investors can approach the specialist developers. This segmentation of the development of real estate projects is a phenomenal feature which will become more prominent in 2018. This can be considered as a result of the government policy and it will lead to the verticalization of the real estate sector in India.
With the implementation of RERA and GST, the real estate sector in India is receiving foreign investments. India ranks 4th among the Asian nations for FDIs. In a nutshell, the real estate in 2018 looks favourable in India and the industry is likely to further benefit from the policies adopted by the government to streamline the real estate sector.
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