Indian property buyers should get ready for a major trend shift in year 2018. Janaharsha Group, a Hyderabad-based realty firm, has brought these solutions and their impact to light.
The lack of transparency and existence of fraudulent developers led the government to make some major policy changes in the real estate sector. Implementation of policies like, Real Estate Regulatory Act (RERA), Real Estate Investment Trust (RIETs) and Benami Property Act in 2016, and Goods and Services Tax (GST) in 2017 are bringing a positive change in the sector.
The Indian real estate has been exploiting investors’ money for a long time now. In fact, many buyers have not been able to get ownership of their flats for more than a decade, even after making full payments.
However, policies like RERA and RIETs are implemented to protect the interests of buyers. Where RERA ensures timely deliveries of the projects, RIETs enable the people to invest in the market. These new policies will also boost the investments in the sector.
Janaharsha Estate believes that in existence of these policies, the Indian realty market will become more transparent in the upcoming years. The policy changes are impactful and are likely to gain the confidence of the investors in the market.
Experts from Janaharsha Group say that the new regulations will create a market of the buyers. They consider the regulations beneficial for both the investors and constructors.
Real Estate Sector in 2018
Residential constructors Janaharsha Group examined the regulations and their impact in the forthcoming years.
- Afforda ble Housing: The main emphasis of the Indian real estate sector is on creating affordable houses. The realtors say that every mass housing project will not work.
- Small Projects: The developers will construct smaller projects to remain safe from the penalties of RERA. The realtors believe that this will also take care of the cash flows.
- Research to sell: Janaharsha believes that only the right type of properties will be purchased and in the right type of market. According to the realtors, developers will have to get into serious research before executing their projects.
- Year of Execution: Experts from Janaharsha say that 2018 will be the year of execution. As various constructions are running behind schedule, the year will experience a good supply of properties.
Not all developers are seen comfortable in adjusting to the new regimes. However, the Janaharsha Group believes that only those who will adopt the changes will succeed.