The Real estate sector
The new government has constantly striven to bring radical and transformational reforms across different sectors and Real Estate more so. All the changes across the previous year were in quick succession, like – Real Estate Regulator Bill (RERA), FDI relaxations, GST, Benami Transactions (Prohibition) Amendment Act, Change in Accounting standards IFRS and the big one Demonetisation. It took the whole nation by storm and people up and about.Let’s have a glimpse on what real estate sector holds for the year gone by and what it holds in the coming year.
The year 2017 is set to be an exciting and awaited year ahead, what with it set to be more transparent, credible and attractive; with only organised players on the ground.
The YEAR GONE-BY
2016 created a lull but that is for sure to be only a temporary phase within the industry. The real estate industry is predicted to grow and establish in the coming years.
One of the major takeaways of 2016, was the passing of the Real Estate Bill, which boosted the entire industry. It proved to be a game changer for both builders and consumers, bringing in transparency and confidence. Another major throw from the present government – DEMONETIZATION of 500 and 1000 rupee notes will help curb many inconsistencies and unfair trade practices. This is looked upon positively, bringing professionalism within the sector.
With a lot of inventories of last year being cleared up by builders on special occasions, they have managed to woo property buyers through special offers.
The recent launch of smart cities by our honourable Prime Minister has created a buzz amongst many cities. With everyone trying to achieve this for their city; it is aimed at boosting the economy and improving the realty sector.
The rate cut by RBI brought a ray of hope among the buyers but the banks will also have to pass down the benefit to the home buyers. It will be crucial to encourage them to move a step closer to purchase their dream home.
A lot of similar other factors like Reddy Reckoner rates could have been avoided owing to the sentiments in the Mumbai Realty market. But the coming year holds its fair worth of positives for the Real estate industry and seems to outdo the previous year.
Outlook for 2017
Real Estate, both commercial and residential is all set for a tremendous change owing to the significant reforms and policies by the government. The RERA ACT and demonetization of 500 and 1000 currency notes has brought in professionalism and transparency within the sector. This has further lead to positivity and increase in sales in the residential segment. This is a win-win situation for both Home buyers as well as reputed and trusted developers. The implementation of GST in the coming months is also a positive indicator, with all keeping a close eye on the events and changes with this for the industry.
The government’s policy of ‘Housing for all by 2022’ and ‘Construction of 100 smart cities’ will get a significant boost by substantial FDI and investors in real estate as per new reforms. This is a modern policy and outlook by the government which meets the growing industry demands, creating more job opportunities and boosting the industry.
The government should aim to focus on sorting the building approvals and building permissions in a quicker manner. Minimizing procedural and legal timings will lead to reduction of handover time and improvement of customer satisfaction. This will help in the long term growth of the business.
Conclusion
Home ownership has always been an important priority and ambition for a majority of Indians.All these reforms and policies are set out to bring in positive implications for the society and the economy. The year 2017 is bound to be a great time for home-buyers!
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