The Union Budget has continued its focus on real estate sector, particularly the affordable housing segment. It has favoured both home buyers and developers.
How will the year 2018 be for the Indian real estate sector?
Predictive trends of Real Estate market in 2018:
The recent government initiatives which have been put into effect such as RERA, GST and demonetization have all been positive steps towards increasing transparency and boosting a buyer’s confidence in the realty market. One can expect potential investors to relook at the market for investment opportunities.
As far as long-term market dynamics are concerned the sector will remain positive in the upcoming year, especially in the residential market. With RERA being implemented pan-India, developers are shifting their focus on timely delivery of ongoing projects and also remain increasingly flexible on pricing and payment schedules. This will help increase activity in this sector.
“Real estate investing, even on a very small scale, remains a tried and tested means of building an individual’s cash flow and wealth”
Here are some of the major trends that are likely to sustain in 2018 as well:
1 .Affordable housing in the centre stage:
Home sales across nine major cities of India witnessed a decline of 18% during the second quarter of the current financial year as compared to the same quarter in the previous year.will now be the most viable option for people to purchase homes now as the entire transaction will have to be in a systematic and legit.
2. Configuration rejig:
In order to get the price levels well within the range of home-buyers, real estate developers may shrink the sizes of the housing units in a way that it caters to the needs of most buyers without making them compromise on the configuration. However, this decrease in the size has not affected the configuration. Thus, a 2 BHK remains a 2 BHK, but its size would be somewhat lower than the 2 BHKs built in the past years. This is one of the ways, real estate developers in India are striving to keep the property prices stable and maintain buyers’ interest.
3. Livability and quality of life are the deciding factors:
Irrespective of the, home-buyers do not want to compromise on the factors affecting the livability and quality of life. Today, home-buyers look for sufficient car parking slots, well-lit campus, convenience stores and parks as a basic necessity. When the price range goes above this range, projects that offer the aforementioned facilities plus a clubhouse with gym, swimming pool and other facilities definitely get an edge and stand a better chance among buyers.
With the growing trends in real estate sector, people are now moving for investment in small scale as well.