Outlook 2017-the story will focus on where real estate sector are headed in 2017.
I feel that the year 2016 will be remembered as the year of key reforms in Real Estate Industry for India. It’s a landmark year as the Union Government passed GST, RERA, Benami Transaction (Prohibition) Amendment Act. To top it all, the move of demonetizing the higher currency laid full emphasis on eradicating the black money component from the market. With RERA ready to be implemented this year in all states, it will strengthen the association between a buyer and a developer. This will improve the buyer sentiments as the customer will gain trust in the market. This will help to propel the growth of organised real estate in India. Post RERA implementation, we will also come across many challenges that government would have to resolve with time to make the real estate industry more transparent and professional. There still is scope of improvement from the government by launching initiatives like single window clearance. This will smoothen the process for the developers and ensure timely delivery of their projects.
With a lot of transactions getting digital post demonetization, we will automatically observe a much transparent realty sector in 2017. This year I anticipate good sales to happen post the Budget and after RERA implementation in May. Customers will regain faith once the government announces its Budget and RBI announces its policy. The road ahead is visioned to be in the right direction and sales gradually picking up after the mid year. The real estate developments will shift towards tier 2 and tier 3 cities with the smart cities coming up. This will eventually widen the real estate growth outside the parameters of metros and capital cities. All these policies by the union government lead to a positive growth with interest rates going down and property prices heading towards realistic pricing after the price reductions. The end users who were sitting on the fence and waiting will be able to now take a decision and buy the property desired.
It’s the right time for the realtors to focus on customer service and gain momentum in the market. Opportunities are going to be immense for realtors who are agile to grasp the changing processes and adapt to the professional style of working.