It’s not an easy task to predict the present uncertain real estate market in India. It’s also not simple to find the ratio between potential buyers and sellers. As in 2019, many forces will pull this market back and forth which includes government policies, 2019 polls, the declining trend in the current ruling government.
We can’t precisely say that where the trend will be in 2019. Experts have different opinions considering major policy revival through the introduction of GST and RERA. There are also some amendments proposed for revising GST policies for under construction apartments.
Modi Government’s mission for “Housing for All” was a driving force after demonetization; however real estate market hasn’t fully recovered from the impact.
Real estate companies are showing more trends towards “Affordable Homes” despite luxury apartments past 2017. Also, through the integration of RERA, real estate frauds are declining and show a positive response from potential buyers.
Government orientations towards infrastructure growth have included sub-cities into the market. Real estate companies took this opportunity to offer facilitated property at an affordable price to buyers. New construction of roads and railway networks converted un-organized land into potential sites for upcoming projects.
Below we listed a few positive and interesting fact on the Indian real estate market as in 2018.
- The net unit sales have been increased by 25% as compared to the first half of 2017 in major cities.
- Housing for all and RERA pushed the new players into the market thus increased overall rise in new launches all over India.
- New project launches steeped upward from 38,324 units in the last quarter of 2017 to 42,975 in second quarter 2018.
- As per the report by Knight Frank showing 46% new launches and increased sales by 3% compared till the second quarter of 2017.
In Delhi/NCR, thriving masses to find jobs and new opportunities resulted in higher demands which also trigger good deals between supply and demand.
Gurgaon affordable housing is capped @ Rs. 4000/sqft. On the carpet area and we didn’t see any increase since 2017.
In India there is a continuous rise in lifestyle, people are rapidly moving from middle class to upper middle class. With a higher GDP and lower inflation rate, we see quick growth in the middle class who are expected to go for affordable housing. There is an estimated 70% growth in the number of individuals having a net worth of $50 million.
The overall real estate sector shows positive growth and likely to be a better option for investments in 2019. Housing for all till 2022 is still a driving force in this sector which is more focused on the middle-class group.
As per experts, Indian families are rapidly moving from lower class to middle-class group which will also add new potential buyers into the market.