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The real estate industry in India is one the path of recovery. A report reveals that further improvements are expected by 2020, with people from the high-income groups investing in the properties. The real estate sector has witnessed certain tough reforms in the last two years, which has ensured transparency in the sector. These economic policies had slowed down the growth of the sector to a certain extent. However, the industry is recovering and is likely to be back to health in the coming years. As compared to 2017, the sales of homes have increased in the key cities. According to experts, the real estate industry will witness phenomenal growth by 2020.
The economic policies undertaken by the government started with the demonetization in 2016. This step was taken to curb black money in the real estate sector. In the next year, GST was imposed on real estate. Later, the rate was reduced to a certain extent. Apart from this, the regulatory body for the sector, RERA came into the scene in 2017. The body announced certain norms for the mutual benefits of the developers as well as the buyers. The property owners were anxious about the new norms to be imposed by the body, so the growth rate in the industry suffered a dip. However, now the confidence is back among the masses and people are interested in buying the properties. Besides, the government has come up with various schemes for the home buyers, where they can avail bank loans at low rates of interest. Apart from this, the ambitions project of ‘Housing for All by 2022’ is on the way. All these measures taken by the government have created a favourable ambience for business. The sales figures in 2018 are soaring slowly, and the industry is likely to witness a boom in the coming years.
The residential complexes in the key cities are being targeted for the high-end buyers as well as middle-income groups. By 2020, the demand for luxury homes in the country will surge. Presently, the reputed real estate developers are coming up with sophisticated luxury homes, targeting the high-income groups and the NRIs. As a result of the increased transparency in the sector, the real estate industry is expected to be consolidated by 2020. The slow growth rate, that has marked the industry in 2017, is likely to be over by 2018. Even in the first quarter of 2018, the sales figures of homes over the country have been better as compared to last year.
According to a report, the HNIs (High Net worth Individuals) are investing in the real estate sector at the market prices. These prices are likely to increase by 20% to 30% in the coming two years. Evidently, they can gain a lot of profit from these apartments. Besides, people are also investing in commercial property. The demand for commercial property in the large cities is high. The property owners can rent them off at high rates for good returns.
The homeowners are keen to buy property in Pune, Chennai, Bengaluru, Kanpur, Jamshedpur, Patna, and other important cities in the country. People are increasingly looking for ready to move properties, and the trend is likely to continue in the coming years.
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