The real estate sector has seen many positive changes in last one year. With Government initiatives in many segments, a fresh life has been injected in this sector which not only boosted investments but also brought lots of cheers on property owners as well as prospective home buyers. Various policy reforms like RERA, GST, affordable housing, PMAY urban and rural scheme has provided a major push to the overall housing market. These reforms have also brought transparency between both developers and home buyers.
Due to strict RERA rules, now builders show a more serious approach towards completion of their projects on time because if they do not do so they have to face legal completions. On the other hand, such rules have helped home buyers to boost up their confidence in housing projects as well as developers.
These days in order to attract home buyers towards their projects developers are using innovative marketing strategies, such as no-EMI till possession, buyback schemes, and even rent-free accommodation, during the construction phase. This phenomenon is applicable in almost all the major metropolitan cities. All these initiatives have changed property prices and trends in the last year while the same trajectory is also expected to continue this year too.
Let’s have a look at Property trends in the top metro cities
Delhi-NCR includes cities like Gurugram, Noida, Ghaziabad, Faridabad etc. But the major cities which have seen growth in terms of property prices and affordability are Gurugram and Noida. As of Feb 2018, Golf course road, extension, Dwarka Expressway, New Gurugram, Greater Noida and central Noida has attracted many home buyers because of many infrastructural developments.
Because of increasing property rates in the main city of Mumbai, home buyers these days are moving towards the suburban areas or the peripheral areas of the city. Many builders have come up with budget-friendly residential properties which have completely changed the property trend of these areas.
In Bengaluru, the property market of different area remained stable as per the data revealed till February 2018. However, these markets will remain stable in coming months too.
The real estate market of Hyderabad has shown a lot of positive development with many investment options available in the market. Over the last few years, many areas in Hyderabad like CBD and western peripherals have provided healthy returns, with approximately 5-10 percent appreciation in property rates.
Major factors that will trigger real estate market in 2018
With consumers becoming more aware and judicious while buying a property, there are various factors which are going to impact the real estate market in coming time. These factors are:
Developer’s track record
Quality of construction
Setting up of a dedicated affordable housing fund
Real estate trend-2018
According to recent data revealed by a real estate firm, home sales across top eight Indian cities has shown a steep rise of 32 % in a year from 66,879 units during current quarter to 64,781 during the previous one. Also, the property markets of Hyderabad, Bengaluru, and Delhi-NCR have recorded an increase of 46, 36 and 25 percent respectively.
Real estate expert feels that by the end of the year sales of residential properties in metro cities will become stronger as many new players are also entering this market. Apart from this, with lending rates significantly reduced by banks since 2015, home buyers can easily buy any property on low EMIs.
So, overall we can say that 2018 will be a year of consolidation. With more transparency, it is estimated that the whole real estate industry will remain in good shape.