The new government at the center has brought about radical changes- Demonetisation, Real Estate Regulator Bill (RERA), FDI relaxations, GST, Benami Transactions (Prohibition) Amendment Act, Change in Accounting standards IFRS – all coming in a row and in quick succession. These reforms are bound to bring about positive implications with regard to home buyers. 2019 will see the Indian Real Estate become more transparent, credible and attractive with only organized players on the ground.
The slowdown we are witnessing right now is an aftermath of the reforms and is only a temporary phase. The real estate prices in the primary sales market across larger cities will increase now as they have already bottomed out and stabilized. There is no further scope for reduction in prices.
The government’s policies are aimed at wiping out the unorganized and less organized sector of real estate and pave way for reputed developers with good practices. This will create a scenario of “High Demand” “Less Supply” thus ensuring the best possible prices being offered to the buyers. The present time is extremely favorable for home buyers to secure the best real estate bargains.
With increased liquidity and lower cost of borrowing for the commercial banks, housing loans will be offered at reduced interest rates. Overall, accelerated by the present measures by the Government Indian Real estate sector will surely witness a healthy growth with growing demand in the year 2019 with organized, reputed, credible players on the ground.