India’s Regulation and Development Act, 2016 and Goods and Services Tax have undergone drastic changes in their provsions and home sales and new launches have played a significant role. In 2018 the Real Estate market has been on the path of recovery but it has been noted that the Non-Banking Financial Institutions have undergone chronic liquidity crisis which has led to the prospect of Real Estate.
2017 has not been a successful year for Real Estate market due to failure of its implementataion in the realm of RERA Act and demonetization. But however on the other side 2018 has been a boon for the residential markets on both demand and supply sides. Anarock Property Consultants Ltd which is a Real Estate consultant has mentioned that there is a possibility of the home sales to be increased by16% this year to 245,500 units and New housing supply will also witness gain as the figures are likely to jump 32% to 193,600 units by the year-end.
The statistics also mention that there has been a fall in the unsold housing stock from 8% to 687,000 units in the third quarter. In the realm of home prices the prices were mostly stagnant and saw marginal growth.
Real estate consultancy Liases Foras mentioned in its third quarter report that in the National Capital the prices were declined by 2 percent. Delhi had witnessed a drastic fall in the realm of the resale market as there was 15-20 percentage fall in the price. The statistics in Mumbai and Bengaluru, were comparatively better. Liases Foras data says that Bengaluru, Chennai and Pune, prices either remained stagnant or led to fall in the prices, however it is significant to note that Mumbai Metropolitan Region saw a bleak increase of 1 percent in terms of prices.
Courtesy/By: Debasmita Goswami
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30 Dec 2018
