After the coming of Modi government, the second half of year 2014 proved to be the phase of recovery for the realty sector. The property prices showed an upward trend for both residential and commercial sector. A revival was seen in the buyers’ and investors’ sentiments. They have started giving much preference to the condition of infrastructure and security before buying the property.
The market saw an increase in the demand for affordable housing. There is a larger segment of end users who prefer affordable houses in smaller configurations. The demand for properties below 30 lakhs was seen in almost all the cities across the country including Delhi, NCR, Bengaluru and Chennai. Also, the buyers seem to be more inclined towards apartments than villas and builder floors. When it comes to investment in property, Delhi NCR tops the charts.
Moreover, researches show that the buyers are getting more aware by the day. In addition to basic information about size, price, etc., they want a well researched approach towards a property purchase. Infrastructure facilities like the condition of roads and public transport, social facilities including hospitals, banks, schools are given due consideration. They also look for the future prospects of price appreciation in the locality and the rental returns in case they plan to let out their house. After the cases of building collapses in different parts of the country, buyers have also started showing the much needed interest in the builder’s background and construction techniques.
The new budget has also contributed towards the growth of real estate industry. The REITs have become regulated which provides liquidity to the builders and bring transparency in the real estate funding. This will also make foreign investment in real estate easier than ever. All these steps are taken to make the real estate industry more organized. Under the Housing for All mission, governments are coming up with more affordable housing projects in different states. Efforts by the government and an increased involvement of the buyers and investors in the realty sector are definite signs of the industry’s positive revival.