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Residential real estate remained the most preferred asset class in Indian real estate during the first half of 2017. While overall investments in Indian realty touched $ 1.99 billion during this period, the residential sector accounted 54% or $ 1.07 billion of total investments, showed data from Anarock Property Consultants.
During this period, investments into commercial real estate accounted for 40% or $796 million, and retail received 6% or $119 million of total real estate investments.
“With the implementation of Real Estate (Regulation and Development) Act, 2016 and Goods & Services Tax, the Indian real estate is witnessing greater transparency, which institutional investors have long been waiting for. End-users’ sentiments are beginning to revive now and clarity about the new regulatory changes is emerging.
RERA will now ensure that only strong, credible developers with transparent business practices and ability to complete projects on time remain. Simultaneously, the supply pipeline has moderated – partly because non-credible players are forced to withdraw from the market, and partly because developers are being more cautious with their project launches.
All indicators are pointing towards a decisive return of buyer interest over the next 18-24 months.
India still has a massive shortfall of housing, and the Government is displaying serious intent on fulfilling its promise to deliver Housing for All by 2022. It has deployed several important policy-level initiatives to make housing more affordable for first-time buyers – and affordable housing a more attractive proposition for developers. RERA is affecting a major clean-up of the industry, leaving only strong and credible players in its wake, while GST has ensured a uniform and transparent taxation regime.
While affordable and mid-income housing is attracting the lion’s share of investments, institutional investors are also making calculated moves into select integrated townships, which they have correctly identified as the next stage of housing evolution in the country. Simultaneously, buyer sentiment has begun reviving on the back of rationalised property prices, reduced home loan interest rates and the fact that RERA now offers a viable level of protection to consumers.
Already, market indicators now point towards increased sales during the coming festive season because of improved buyer confidence post-RERA. The RBI’s recent reduction in bank rates will also encourage buyers to expedite their buying decision to take the advantage of lower home loan rates.
Source: ET Realty
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