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INDIAN REAL ESTATE OUTLOOK: REFLECTIONS 2018 & EXPECTATION 2019

Saturday, December 22, 2018

By Parveen Jain,Vice Chairman, NAREDCO & CMD Tulip Infratech

In context of the Indian Real Estate market in the year 2018, this year can certainly be considered as better for the Real Estate industry in comparison to the last two years. The reasons for this can be attributed to the normalization of the situations mainly with regards to demonetization, implementation of GST and RERA (Real Estate Regulation Act). This year saw the after effects of the above mentioned factors having got subsided and the Real estate industry, buyers, investors, developers and all stakeholders coming to terms with them in the normalized circumstances.

In the past two years, the major factors like demonetization, implementation of GST and formulation of new policies like RERA had affected the Real Estate market but now the things have become normal for better prospects. The implementation of RERA which is buyers’ friendly and addresses the issues and problems prevailing in the Real estate market, has boosted buyers’ confidence in buying and investing in property and is expected to improve the dealings in the year 2019.

In this year, the major emphasis was on the sale of ‘ready to move in’ homes and on Affordable Housing to cater to the needs of the teeming millions and to accomplish the PM’s mission of ‘Housing for All by 2022’. This year, all out efforts have been going on for the supply of Affordable Housing to keep pace with the ever increasing demand for the same. This has resulted in considerable success in the provision of the Affordable Housing and shall continue in the coming year 2019.

This year has seen the opening of new transport corridors, expressways, flyovers, roads and bridges and an ever expanding Metro network in NCR Delhi Gurgaon reaching surrounding areas and converting theminto satellite towns. Far off places are getting inter-connected to themetro cities leading to an easy accessibility and opening a plethora of options for the masses to live and work in these areas from where they can commute easily on a daily basis. This is also leading to the overall improvement of the infrastructure and shall boost further in the coming year.With the remote areas becoming easily accessible, leading to the development of supporting infrastructure, this year the emphasis has been to developmore commercial and office spaces besides Housing and this trend shall continue in the next year 2019.

As mentioned above, Gurugram Real Estate is progressing well on all fronts mainly because of the fast expanding Metro network in the NCR area. With Metro network reaching the surrounding areas which were considered remote earlier are now getting converted to satellite towns, resulting in the development of Infrastructure, Housing, commercial and office spaces. The year 2018 also witnessed natural disasters likemassive floods in Kerala in the earlier months when everything had gone haywire but has recuperated well and fast on a positive note.

The expectations for the year 2019 are high and positive with factors like easy accessibility through highways, roads, metro network, transport corridors, bridges, provision of Affordable Housing, commercial and office spaces, development of Infrastructure gaining further momentum leading to Real estate industry playing a major role in the development, job creation and growth of economy of the nation.

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