The real estate may have been full of negativities for the past couple of year with long extended policy paralysis situation but the year 2018 is going be the dawn for a new real estate sector in India with major policies including the implementation of RERA believes Ishanee Sharma, Partner, V&K Law & practicing lawyer, Delhi High Court.
RERA has no doubt acted as a catalyst in the institutionalisation of real estate sector and gaining back the trust that buyers had lost on developers. Apart from bringing more transparency in dealings, RERA also helped in curbing the perennial malpractices done by the fly-by-night operators. Since the implementation of RERA, all developers have focused on delivering their on-going projects thus investors’ outlook has also turned positive.
“With the implementation of RERA, the much-desired transparency in terms of buyers’ aspirations has already been achieved and hence buyers’ confidence in the market has grown. All these recent policy measures have also given a boost to the confidence of foreign investors in the Indian real estate sector,” said Ishanee Sharma, Partner, V&K Law and practising lawyer, Delhi High Court.
It is no surprise that an urgent requirement of speedy infrastructure development still remains. There is growing real estate demand across the nation including tier-II and tier-III cities. The infrastructure requirement does not only include the development of roads and huge bridges, but it actually means easy availability of basic amenities and social infrastructure such as healthcare centres, parks and recreation centres, among others. In order to improve the infrastructure in all the cities, the government will have to quickly implement its planned initiatives. The future of real estate clearly stands on the ladder of speedy infrastructure growth and it is also an important requirement for fast-track urbanization.
Sharma further added, “One key positive impact of demonetisation and RERA (Real Estate Regulation Act) has been that speculative investors deserted real estate and end-users/genuine buyers, who were all these years pushed to the sidelines, came out in large numbers. Now, it is the property consumers who are driving the real estate market, especially residential market, aided by the government’s pro-industry and pro-consumer initiatives. Other than in terms of the initial confusion-induced decline in sentiment, the trend that is emerging now, points towards a recovery in buying sentiment with serious buyers already returning to primary markets.”
The new year, 2018 is sure to welcome a new era of renewed optimism in Indian real estate. Unlike the first quarter of 2017 where buyers took decisions cautiously, the second quarter onwards there has been a noticeable improvement in the market sentiments at the year-end. RERA Act was surely the reason as it brought in more transparency in terms of buyer’s expectations. 2018 will surely see more real estate buyers, particularly the end-users will be ready to plunge back and go with the best real estate brands.
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