The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
In recent times, a new concept which has gained a rapid acceptance in the whole real estate sector is of Integrated Townships. They have become so popular among real estate developers that most of the projects which they are developing in current time are designed as integrated townships only.
An Integrated township spans around acres of land which include independent houses, apartments, offices, shopping malls, cinemas, schools, hospitals and all other facilities like police and fire stations.
After a long while, the real estate sector is witnessing boom especially with an effect of the RERA Act introduced by the Central Government. The emergence of small cities as a choice for purchasing residential projects is taking the entire property market by surprise. Also, the demand for dormitory properties near the newly developed commercial hubs of the country has sparked the row of excitement among the realtors. Interestingly, the capital cities have lost the race to suburb areas in order to attract the home buyers. That is the reason why, the property buyers across the country are heading to owe a permanent address in the developing regions.
The home buyers have become smarter than ever before. As today people take a note of how the place impact on his or her life after a certain time. Thus, the property-seekers opt for buying property around their workplace. This is because the proposed connectivity between the major places and commercial hubs makes life easy and peaceful. This future planning has left the entire real estate fraternity to think about the opportunities beyond capital cities.
The Indian property market has seen tough times since the formation of Narendra Modi-led NDA Government in Centre four years back. But, now the real estate market has reasons to smile as the actions taken by this Government are affecting homer buyers in a positive manner.
After offering relief to the common man for buying property through the introduction of Real Estate Regulation Act [RERA] in the year 2016 the Government also opened door for more NRI investment in the real estate sector. Earlier, the Non-Resident Indians [NRIs] use to think twice before investing in the Indian property market due to various reasons.
The real estate sector saw many ups and downs in the year 2017, whether in the form of Demonetization or announcement of many structural policy reforms which otherwise led to the complete overhaul of the real estate industry. With budget 2018 on its way, the realty sector is restraining its hopes for relief measures like lower taxes and infrastructure status.
Key issues or areas of concern for the sector
Industry Status: It’s been a long pending demand of real estate players that this sector must be allotted an ‘Industry status’. Because of no such status it becomes difficult for the real estate sector to avail legitimate finances from banks and other financial institutions. As per many experts, industry status to the sector can help it in getting low-cost loans and in turn reducing project costs, which will finally benefit buyers.