A new year always bring new hopes and aspirations in the sector of Real Estate. 2017 is actually set to be big for real estate and the entire economy of India. According to Thomson and Reuters, India is the country that exists at the top of the list of preferred destinations for real estate investment in the eyes of major institutional investors. It is also the fastest-growing major economy, set for growth of 7.0% next year after this year’s projected 7.2%.
With the Indian government’s effective move to clamp down on black money hoarders through the ban on Rs 500 and Rs 1,000 currency notes is expected to have a good effect on certain pockets of the residential market in the country. The housing market is a center for the indiscriminate use of black money. Many developers, resellers, and homebuyers insist on having hard cash as a component of payment in real estate deals.
Another likely effect of the move is a down ward pressure on the interest rate structure. This would come as a relief to people who cannot afford the high EMIs on housing loans. In addition to these factors, many developers are also aggressively turning towards the affordable housing segment. This effectively opens up another avenue for those who find themselves priced out of the housing market in metropolitan cities.
Further, with many states likely to enforce the buyer friendly provisions of the Real Estate Regulatory Act, homebuyers can expect more transparency. This would also provide them protection from delays in construction and handover, as well as other unscrupulous practices employed by developers. In the following pages, we will outline the opportunities these developments are likely to present for homebuyers, and delve into the emergence of the affordable housing segment.
In addition, the real estate in 2017 will surely shed off the dark clouds and despite the slowdown; the country will pose a brighter picture. One reason behind the improvement could be the “Housing for all Schemes”. As the nation has completed 70 years of independence, still Lacs of people are staying on roads but according to “Pradhan Mantri Awas Yojana”, the mission of this scheme is housing for all, slum rehabilitation, promotion of affordable housing and subsidy for house construction.
This scheme mission providing a home to 100 cities till 2017 and this will surely boost up the Indian economy and till 2022 the scheme will be completed.
A number of initiatives have been taken to up grow the Future of Real Estate Investment and Indian economy. A big thank to P.M Narendra Modi to get the big brilliant step in World’s largest democracy India where many other attempts have been made to diversify its impact on each and every section and these attempts have gain momentum and surely the growth in real estate sector will help the other sectors to grow.