The last five or six years have been especially tough for the real estate sector and although 2018 was comparatively better than 2017, experts believe a lot needs to be done to get things back to their usual pace. Nevertheless, the introduction of the RERA or the Real Estate Regulation and Development Act and GST, has enabled the developers to at least complete their existing projects. New launches had also been announced and there has been a boost in the affordable housing segment. The sales have hence, gone up, and in addition also provides a number of protection to the home buyer.
Rise in sales have been reported as the real estate sector tried to rise from the aftershocks of the demonetization of 2016 and sales have risen considerably in Ahmedabad, Kolkata, Pune Bangalore, Chennai, and Delhi NCR. For home buyers in these cities, it is the perfect time to buy their dream home. Property transactions have increased by 55% in the January to September period, industry experts like Tanuj Shori, CEO and Co- Founder of Square Yards has opined. Sales continue to fluctuate from quarter to quarter, what with NBFCs being affected, but the general scenario is improving.
With the affects of demonetization still looming large, it was evident that the Indian middle class was affected the most and hence the years 2017 and 2018 saw the maximum losses in the affordable housing segment as these are the homes most preferred by the middle class Indian but after sales improved, this was also the segment that witnesses the maximum sales, with less than 50 lakhs homes comprised 55% of the overall sales. Prices also remained stable and home buyers took advantage of schemes like Pradhan Mantri Awas Yojana to buy their dream homes.
Now is still a good time to invest in home buying because the inventory is huge and that would offer greater option to the home buyers both in terms of prices as well as choices pertaining to location, although ideally, the home should be bought for personal use and not for investment right now. It is important to make an informed decision, according to Maneesh Gupta, the Senior Direction, Valuation and Advisory Services at the Colliers International India. He also suggests that it is better to invest in ready to move properties which have already been put up for immediate sale as it would save the homebuyer the double cost of registry. Homebuyers should still be wary of disputed properties and should search the property well before investing in it.
Hence, for homebuyers who might have felt disheartened by the real estate scenario in the last couple of years, have much to hope for in the near future and if all goes well, they would be able to find their dream homes shortly, well within their budgets.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.