Being in the real estate business is a very lucrative prospect for anyone especially in a country where the population is very huge and land availability is precious. In India, specifically in a large metropolitan region like Mumbai, the real estate market is booming and is very sensitive for even a small change. Let us compare the real estate of last year and this year till now.
There were some big changes in the real estate sector in decades in the year 2016. So much that their effect were felt even in the year 2017. Some of the policies that were implemented were RERA, GST, Benami Transactions Act etc. in the first 9 months of 2016, higher number of residential and commercial units were sold across India. This drastically reduced in the last 3 months of 2016 as the demonetization move of the Indian government sent all the markets in turmoil.
The effect of those 3 months of 2016 was also felt in 2017, and now gradually the situation is improving. The estate agents have greatly helped the buyers during this period and continue to do so. All these policies and the demonetization didn’t hamper the construction business though, and there was a steady supply of new units for commercial as well as residential use.
As the RERA continues to be implemented, in a way, real estate is still in transition. But one very good thing happening is that there is a huge amount of transparency in the real estate now, which has never been seen before. Now there will hardly be any black money or money under the table in commercial property, houses for rent, property for sale deals etc. even the retail real estate saw a dip as the year 2016 went, but is now seeing an upward trend again.
Affordable housing is coming in more focus, and the small cities are seeing more growth. Overall we can say that the face of real estate changed completely and for good. We all can expect quick property buying process which is also transparent.
Hope this article enlightened you. Mass Realty Solutions LLP are the best real estate consultants in Mumbai and surrounding suburbs. Do follow us on Facebook- https://goo.gl/YVcEdC, Google+- https://goo.gl/Jqo2Wh, and LinkedIn- https://goo.gl/ycCcaY.