Overview of Real Estate Market in 2019

Date: 6-March,2019Last Updated: 26-September,2022
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With the financial year coming to an end and India heading towards its General Election, it has been noted that in the March Quarter the Real Estate market in India saw over 10% rise in Sales in the first quarter of 2019.

Previously it was seen that the real estate market would tread cautious paths with a wait and watch approach in the hope of new sops being announced by the newly elected government.

But come to 2019, the scenario is very different. As per reported estimates, an increase of over 10% in sales was seen across the top seven cities in the first quarter of 2019, while the new launches are estimated to see over 20% rise.

Interestingly, the government’s initiatives in the residential real estate sector have given a massive boost to this sector with a steady upswing in new launches. The government announced 3 benefits in a span of first 2 months of 2019.

Real Estate Growth

With new sops in the budget this year for developers working on affordable housing projects and key measures to boost second home buys. Another key initiative is the cut in GST rates on both affordable and premium housing. Also, with RBI announcing a repo rate cut there has been an evident decline in the home loan rates of various banks, in turn, boosting this sector as well.

Many Top Developers have acclaimed the government’s measures to promote investments in Real estate leading to an increase in the number of homeowners and buyers. In fact, many of them are stating that there is a return of buyer’s interest in the market especially due to the drop of GST on premium housing.

Its been seen that this renewed interest in affordable housing has caused a rise in both new supply and sales. With several luxury developers also launching affordable housing projects within the price range of Rs 80 Lakhs, they are seeing widespread sales traction.

As per the latest Indian Real Estate Trends, the increased interest in Affordable Housing is a result of a GST cut from 8% to 1% and a full tax exemption for developers on profits from projects registered till 2020. This along with the other sops have been offered to create phenomenal growth in this sector.

Despite these sops and initiatives invigorating the Realty Market in terms of increased interest in realty investments, Real Effects will be seen April 1st onwards when the new GST rates take the fore, as it is clear that investors would like to invest at reduced prices and not at the old GST rates.

With liquidity issues prevailing and further escalation by the NBFC crisis in the last quarter of 2018, the realty market did suffer a blow. Fortunately, the combined efforts of the RBI and the Government to salvage the market has created a positive and welcoming atmosphere for homebuyers. This is evident in the manner a massive plunge by undecided buyers has been noticed hereby helping concerned developers who are eager to sell their total unsold stock of 6.73 lakh units across the top 7 cities.

Homes247.in Experts View

With the current government’s major initiative ‘Housing for All’ being implemented proactively, things for home buyers have never looked better.

A strong push by the developers and authorities to boost the Realty market is being welcomed positively with investors increasing by the day. The right planning and timely decisions play a vital role in Real estate.

Hence, we urge our buyers to take advantage of all these sops and invest in their future home and consult us to make your dream home come true.

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