India’s real estate sector has been under pressure for quite a few years now. In 2016, the realty market was yet again affected by several policy changes, the most prominent being demonetization and the Benami Act. Here’s what real estate domain expert Deepak Talwar has to say regarding the impact of these regulative moves.
Deepak Talwar, Founder of DTA Real estate & Associates
The economy of India has witnessed excellent growth that has been ushered by the real estate sector. Significant measures taken by the government—like the Goods And Services Tax (GST), demonetization drive, Real Estate (Regulation and Development) Act (RERA) and Estate Investment Trusts (REITs) are all intended for operational transparency and enhancing the confidence of customers, investors and developers.
With these policies, the realty sector in India will considerably shift from a price play system towards a market that is driven by quality, commitment to timely delivery, and fair-pricing mechanisms. Such measures will also retain the positive attitudes among home-buyers who had previously been hesitant. We expect developers to emphasize on the timely possessions of properties and to remain ever more flexible on pricing and payment systems.
Furthermore, initiatives by the government to delineate the realty sector in recent years are signs of the potential of India’s real estate market. The Government is making a genuine attempt to institutionalize and reinforce the entire real estate framework.