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By Runwal Group Posted Aug 16, 2018 In Market trends and insights
Last year was quite significant for the Indian real estate sector with two major reforms that came into being - the Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST). The main objective behind these reforms was to bring in transparency and discard black money from the real estate market - a great deal for investors and consumers.
So, what can you expect this year? The question is - will the real estate sector see any change or will it remain the same?
Here are a few real estate trends you need to know for the year 2018.
Affordable Housing: Middle class and salaried individuals can breathe a sigh of relief as affordable housing will be in prominence. Anyone looking for affordable, low-cost housing can begin house-hunting. This year, the Government of India (GOI) has allocated separate funds of Rs. 8 million just for affordable housing. You will find many real estate developers banking on this opportunity for better returns.
With the introduction of real estate reforms under RERA, low-cost housing will benefit the most since the entire home buying process will be standardized.
Strengthening The Real Estate Sector: Experts believe that 2018 will see the bigger players run the entire real estate scene and the comparatively smaller real estate developers will be given a run for their money. This is said to happen due to the implementation of rules and laws by RERA which the smaller companies are unable to adhere to.
That in turn will bring more confidence in the real estate market as homebuyers will feel more secure investing with the established names without the fear of being deceived.
More People Will Invest In Homes: 2018 is said to be the buyer’s market. Lowered prices, increased demand and excess supply will definitely change the face of real estate market this year.
But it won’t last long.
Currently, all the real estate developers whose projects were put on hold are busy finishing them off. In the near future though, the supply and demand for housing will find a balance and the Indian real estate scene will take off.
Presently, since the housing supply is greater than the demand, homebuyers can cash in on this opportunity and cut out a great deal with the developers.
Low Interest Rates On Home Loans: The surplus of available liquid assets in banking has driven the Reserve Bank of India (RBI) to cut down on the home loan interest rates. From 9.5% in 2016, the interest rates now range from 8.3-8.4% this year.
The drop in interest rates has also resulted in a drop in the equal monthly instalments (EMIs) which is an advantage for homebuyers and investors to consider investing in real estate this year. However, don’t go by the book, research and seek advice from legal firms before you shell out your money.
Space Management: It is not surprising that urban cities receive the most real estate traffic in terms of investment for obvious reasons - more opportunities, higher returns! Therefore, while the demand for housing in major urban cities will always be on the rise. It is no different in 2018.
Even though the demand for housing in urban cities is rising, the supply can decline due to the unavailability of space. Having said that, real estate developers are coming up with new designs and ideas that provide a home owner with maximum usable space at an affordable price.
As can be seen, the 2018 real estate market will be on the rise in terms of investment opportunities and affordability among other factors. A real estate developer that meets the norms of RERA and understands what a home buying experience means to an individual is one you should trust. Runwal Greens by Runwal Group - a well-known name in real estate, brings you 3 and 4 BHK Flats in Mulund West. Take a look!