by Pooja Bhatia
A lot has transpired in the real estate segment in the recent past. Amid the chaos, led by a slew of structural changes in the economy and the property sector, as a result, there was hope. Now, that some of these reforms have been put into implementation, it is an interesting time to note the top 10 factors which are likely to drive the emerging industry scenario.
- The buyer-centered economy- Demonetisation pushed the property selling and buying in a state of paralysis. The key stakeholders of the real estate economy were till now in a wait and watch mode. They waited, for the next course of action. The buyers waited in anticipation to finally have a say in the heavy-duty property transactions and eventually, shift the deal in their favour.
- Transparency- The introduction of GST and RERA has created an environment of increased transparency between the buyer and the seller. The developer community will be held accountable for incomprehensible delays in providing possession to the buyers or any roadblock in property ownership like building property on a disputed land. So, there is increased buyer confidence now.
- Correction in Prices- The increase in transparency and improved focus towards the buyers, means a stop on unprecedented rise in property prices. The cost correction is bound to happen as developers will no longer be able to command a price at their own will. Besides, people will have an easy access to home loans now, thus, influencing the demand-supply ratio.
- Infrastructure- Post demonetisation, the taxpayer money collected from the government and now resting in the public sector and private banks, are expected to produce some befitting results for the real estate economy. People are expecting the government to make good use of the huge public cash investment in form of strong infrastructure development.
- Affordability- With infrastructural development, comes the extended expectation of new areas, falling under the residential property development radar. More connectivity means more areas being developed as the next hot spot for property investment and leading to an influx of new generation of buyers, who can afford properties at reasonable prices and with easy access to loans.
- Better Volumes- The affordable housing segment growth is bound to create an impact on the volume of business. Better affordability means higher unit volume and further expansion in existing and newer real estate landscapes.
- Customisation- Increased focus on buyers gives them the competitive edge. Because of which, the new house layouts will see increased customisation in tune with the changing buyer preferences at-large.
- Rental- People investing in second homes will figure out the rental income generation from their property buyout. Recent trends show a positive mindset towards staying on rent as the rental system gets more organised and increased preference because of location advantages, formal agreements, etc.
- Amenities- Modern living facilities including the basic amenities and the value-adds like community centres, children’s park, and host of recreation facilities will be centre-stage. Green living will continue to entice the residential space investors.
- Better Awareness- Property buyers are expected to be smarter and have greater vigilance. Legal matters will be handled with care and more professionally. Expect the buyer to hire a professional legal consultant to be clear of the terms and conditions before they make the big investment.
Pooja Bhatia is a property news enthusiast, who likes staying updated on business and corporate news, lifestyle at home, home interior elements, location insights and rest of the information, to make living better. She is also an avid traveller (a blogger on holidays) and an avid reader and a part of this real-time information, she converts into real estate enthusiasm.