A cheerful moment could be there for real estate sector after a hope of more organized players will take the lead in the growth that leads more transparency and ease of doing business due to RERA and GST.
Accepting the facts, one of the developers, Harinder Dhillon, Vice President Sales of DLF Ltd. appreciated RERA and GST for boosting buyers confidence, “The real estate sector is indeed back to its recovery path. The markets of corrections in some popular housing sectors of Gurgaon and Noida and the sales value have increased in these markets in the wake of these price corrections.”
“Also legislation like GST and RERA has boosted the buyers’ confidence. With more clarity coming in on GST, sales are expected to improve further in the months to come.”
The developers also said that increase in confidence of buyers’ has backed the demolished market of realty sector. It is noticed that the property sales are believed to be boosting up due to buyers are getting better deals in the market. “The implementation of various reforms has boosted buyer confidence. Also, in the current market situation homebuyers are in a better position to negotiate and grab better deals, leading to improvement in sales,” Ravish Kapoor, director of Elan Group, said.
“During the past one year or so real estate has seen reforms like demonetization, GST, and RERA. The realty market, however, absorbed all reforms, which gave much confidence to home buyers. Now the sector is showing signs of recovery with sales improving in the wake of Correction in property prices. Both mid- and affordable housing segments are registering improvements in sales. Hopefully, it is only a matter of a few quarters for the market to be back on track,” Gaurav Mittal, MD of CHD Developers, said.
Experts in the industry say that residential property market is gradually getting back to track but a lot of suppressed sentiment dynamics are still at play and the overly adventurous pricing developers indulged in over the past few years have had a part in this.
Anuj Puri, chairman of ANAROCK Property Consultants, also stood beside demonetisation, saying that it has been one of the prime reasons for the upliftment of the market, “If all the other fundamentals for a purchase decision such as good location, the credibility of the builder, available amenities, overall rational pricing, and RERA registration buyers feel confident to respond to the added incentives of discounts. Also, what is currently selling is affordable and mid-income housing in the primary sales segment Premium housing, as well as the resale market, took a big hit after demonetisation because they were traditionally targets for unaccounted funds. While the overall market is recovering, premium housing is taking longer to recuperate.”