With the onset of 2019, there is a buzz among property investors that how the Indian real estate sector will perform in the present year. With many policy formulations and implementations, the realty sector has shown a steady growth across all the segments in 2018. So, maintaining the same momentum, this year too the market is expected to show a steep growth, suggest experts.
According to realty experts, in the residential category, affordable housing acted as a major growth driver in increasing sales as well as it has also emerged as a hot favorite among home buyers. Due to Central government initiative in this segment, homebuyers trust has increased more in the property market. Also, seeing the success many renowned developers have moved their focus towards building more such housing units.
This has also led to an increase in the housing sales volume by 47% last year. Experts have also predicted that this sales volume will further increase in the second half of 2019 keeping the same momentum. By second half of 2019, there will higher supply of new housing units by the developers. Along with this, the govt is also planning to lower the GST rate by 8% from 12%, which will further attract more buyers to invest in this segment.
“Residential price will remain stable across all the categories as well as Ready to move in housing units will become more favourable among property buyers as compared to under-construction one.
Talking about the commercial real estate sector, it will also move steadily with brighter addition. Around 40-42 million sq. ft. was absorbed in 2018 with supply levels increasing to 30 million sq.ft. The retail sector will also outperform in 2019.
Apart from it, the trend of Co-Working is also gaining momentum in the office space market. Many new startups, as well as mid-level companies, are opting for flexible office space. Currently, all the major tier-1 cities have many Co-working office spaces with many new launches waiting this year. However, Bengaluru tops in this segment as both employers as well as employees find flexible working a boon.