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The real estate industry witnessed significant changes in 2017 with a number of economic policies of the government coming into play. These include the GST and the inception of RERA, following the demonetization in 2016. All these had a combined effect on the real estate sector which slowed down the economy to a certain extent. However, with increased transparency in the industry, 2018 is likely to be a good year for the homebuyers. Here are five trends that are likely to dominate the real estate industry in India in 2018.
Regulation of RERA
The RERA has come up with several regulatory norms on the real estate developers. The body will keep a check on the activities of the real estate companies. Well, the corrupted developers are likely to have a tough time, as they had in 2017. However, the genuine ones will benefit from the policies implemented by the regulatory body. For buyers, a good time waits in the coming months as they can expect the projects to be delivered in time.
The economic policies implemented in 2017 aim to eliminate corruption from the real estate sector. The industry is likely to become more transparent in the coming months. Evidently, this will boost foreign investment in the real estate sector. The sale of commercial property will also increase with the leading cities being a popular destination of IT companies and MNCs. With the presence of MNCs, the demand for quality homes will rise. Foreign buyers are willing to invest in Indian Real Estate. This will increase the sale of residential properties.
Well, homebuyers are increasingly opting for smarter homes, which are more sustainable. The expectations are changing with the passing years, and people are going for automated homes. They are also focussing homes that can save their electricity bills. The water conserving features and sophisticated fixtures in home are increasingly gaining attention from the homeowners. Besides, the availability of on-site conveniences is making lives easier for the people residing in high rises.
As more people are moving to the big cities, the infrastructures in these areas are being developed in a big way. The connectivity and transportation systems in the cities are rapidly being developed. Faster transportation facilities increase the value of properties. The transportation facilities and civic network in the cities, therefore, are being developed on priority. The leading cities are also witnessing the development of high-speed thoroughfares and elevated corridors, which cut down the travel time to a large extent.
With the implementation of affordable housing policy, homes are becoming more compact. However, no compromise is being made with the standards of living. An intelligent use of the carpet area ensures enough space for the households. Besides, various amenities are being integrated with the small homes. These residences also have green living facilities, as a number of developers are coming up with landscaped gardens in the residential complexes.
Not surprising then that the government in the Union Budget 2018, has also announced a dedicated fund for the development of affordable homes in the country.
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