With 2018 about to end, the Indian Realty market continues to maintain a steady growth across various segments. According to the latest report by a real estate firm, implementation of numerous policies, reforms, and amendments in Acts have kept the momentum of the property market going.
A surge in demand for affordable housing, changes in Insolvency & Bankruptcy Code showed an increase in the buyer’s confidence. Transparency and accountability have now become the new definition of the Indian real estate market.
The report said, “Realty developers aligned themselves with market realities by offering more ready-to-move-in apartments to provide more certainty to homebuyers than just selling off the plan. Homebuyers are also showing more preference towards picking up such properties.”
A realty expert revealed in the report that many developers have seen an uptick in the ready to – move – in houses owing to RERA and GST benefits for the homebuyers with 20% growth in the last year. Also, inventory in primary and secondary market has attracted many prospective home buyers leading to a fast-track growth in the residential segment.
Talking about other factors, mid-income, and affordable housing segment proved to be major growth drivers in this sector as many homebuyers considered execution and delivery track record of the developers as the foremost factor. Housing sales have also improved as compared to last year. New Project launches have also gone up which showcases the buyer’s sentiment.
“Affordable housing is expected to lead the demand for housing in 2019 with ready apartments occupying the centre stage.” Report concluded.