Latest trends in the Indian Real Estate market suggest that there is going to be significant growth in the year 2019. With demand for properties rising steadily and supply on an all-time high it has to be seen with time how the market shapes up.
The Indian Real estate market has undergone a major overhaul with the introduction of RERA, GST and also the RBI repo rate of home loans being brought down. What’s added fuel to that fire is the drop in GST rates. These developments have transformed the market into a more investor-friendly atmosphere. As per the latest Indian Real Estate news, the number of interested buyers and investors has skyrocketed and the number of actual buyers has also shown good momentum. A lot of developers have reported the sale of old and unsold properties over the past couple of months. When asked they attribute it to the implementation of the RERA act majorly but also to the Government’s and the RBI’s support to the Real Estate Sector.
Let’s not forget that the Real Estate sector is an important sector in the Indian economy. About 6-7% of India’s GDP is driven by the Real Estate market and it is an important aspect in the Government’s economic portfolio. The importance of this sector has been seen in the way the Central and State Governments have formed economic policies focused on providing housing to the low-level income and middle-level income groups of the Indian society.
Talking about the Residential Property market in India, this sector has been on a major upswing thanks to the ‘Housing for All by 2022’ initiative of the Government of India. This novel project’s goal is to ensure housing for citizens from all corners of the country immaterial of who they are. Bringing Developers, Buyers and Financers under one umbrella, this movement has dedicated protocols for every scenario that a buyer could be in to ensure smooth, speedy and successful ownership of properties in India by all eligible citizens of the country.
Affordable housing and Rural Housing schemes of the Government have been designed in a manner that encourages focused development from Property Developers side and investment from homebuyers side creating a healthy atmosphere for growth and consumer spending in the Residential Real Estate market in India. With the current liquidity taken into account, a lot of development is expected. It can be seen that transparency and accountability have become a major priority for the government which is enforcing it onto the Real Estate developers.
What’s happening now is that developers are taking advantage of the sops that the Government is offering to developers. Right from tax exemptions to subsidies, developers are now enjoying a load of benefits that the Government is offering to developers building Affordable housing projects. Especially the GST cut on affordable housing has created a major storm with over 75% top property developers beginning to develop affordable housing projects.
Now, analysing how this has affected the buyers, buyers have positively accepted these developments. Increased sales have been reported all over the country with many homebuyers understanding the importance of having a home and the advantages that they are getting from all the sops that the Government is offering.
We at Homes247.in have witnessed a steady rise of about 11% in sales and also the positive atmosphere that is prevailing in the Indian Residential Real Estate market.
So overall our experts have also opined that there has never been a better time to invest in Indian Residential Real estate than now.
Coming to Commercial Real Estate in India, things are skyrocketing in this scenario currently. REIT’s have come to India with Embassy group offering the first REIT IPO for investors to buy shares worth Rs 4,750 crores, it can be seen that the journey of Investments in Indian Commercial Real estate has become better.
Industry experts suggest that the growth and development in commercial real estate is going to boom the Indian economy and the Indian Real Estate sector.
All in all, Residential Real Estate and Commercial Real Estate will experience a major upswing in the present and the future to come.
Homes247.in Experts View
We at Homes247.in have already educated and motivated buyers to invest in real estate.
We can foresee the phenomenal growth that is going to happen in the Indian Real Estate Sector in 2019.
Homebuyers have already started taking advantage of all the benefits that are coming with buying a home or investing in Real Estate.
We are already seeing the increased interest in buyers and the determination of developers to accommodate all needs and demands of prospective Homebuyers.
Hence we advise all our beloved Indian investors and homebuyers to buy, invest and do so wisely. All the benefits should motivate you more to invest in this sector.