The downfall in the Indian property sector is known to the world. The last few years have witnessed one of the major setbacks in the Indian real estate sector. The traces of positivity that are now visible date back only a few months.
Recovering from one of the worst slowdowns, the very foundation of the sector is recovering from the effects of multiple ill-practices and inefficiencies. The lack of standardization and the aggregation of years of murky policies has rendered a situation where coming out is certainly going to take time.
One recent change that the country underwent was demonetization. Catapulting the economy to a place where things came to a standstill, it added to the falling real estate market. The Real Estate Regulatory Act (RERA), came along to monitor the way real estate business was being done.
However, what’s interesting to note is that although it slowed the market even further, the effects of RERA in the long run are proving to be fruitful. The losses that the customers faced and the buckets of complaints that came across every day, have now decreased.
The transparency in the Indian real estate market, which was the sole aim of RERA, has brought a few changes that will take the market a long way. Still, at this point if time, other branches of real estate apart from residential, cannot be ruled out. The commercial sector has still obstacles like bank support in terms of loans, which is another sector in itself to take care of.
The boom that we wish to witness is yet to come. Though the residential market stands at a juncture that seems positive enough compared to the past, what will the commercial sector yield in the coming years is still a mystery. Will there be more bankruptcy or will there be the actual acche din that we have been hoping for in the last 4 years?