The property market in India has seen a major turnaround in the recent times. In fact, the introduction of RERA [Regulation and Development Act] 2016 has transformed the atrocity of builders into the compassionate realtors. Thus, the real estate market is likely to come back on track in the year 2018.
This is a happy beginning for both, the buyers as well as for the realtors. This year is predicted to be an eventful period in the history of Indian real estate sector. There are multiple reasons that indicate good times for the Indian property market.
In India, home buying is more than owning a property. Being a landlord here also has an emotional aspect. Likewise, people reside at their ancestral home or visit their home back in the village as it keeps them grounded and never let me forget their roots. But, people shift to the urban areas in search of work and thus they feel the need of a permanent shelter in the cities.
Eventually, they turn into property seekers from a common man. Sadly, the builders never paid heed to the particulars of home construction and timely delivery for a long time. This disheartened a majority of home buyers. Thus, the market witnessed a huge dip in the past. All this also led to an increasing anger and protest of the aam admi against the developers.
Until now, the home buying process was a backbreaking task for the common man. But, the initiatives taken by the current Central Government made by home buyers rejoice as they now got the right to question builders over various issues such as delay in possession, making an inquiry about carpet area, and questions related to payment and clearance.
The Central Government’s decision of demonetization and the introduction of RERA Act have brought a huge change in the real estate sector of India. These two steps have made the property business transparent and keep the property builders on their toes. Today, the realtors work towards timely completing projects before laying the foundation stone of any project.
This has boosted the confidence of home buyers to get timely possession of their dream home without paying any extra cost. Also, the questioning authority of the buyers makes the developers work according to the set guidelines of the property market.
The last thing that is attracting people to the real estate market is the launch of PMAY initiative. Under which people from all sections can afford home owning at a reasonable price. Thus, the builders are also coming up with housing projects under the affordable housing scheme and are getting a good response from the home buyers.
All these things have brought a positive boom in the real estate market of India in 2018. This industry is likely to witness huge profits for the buyers and sellers. On a whole, the Indian property market is going to have a smooth ride ahead this year.