New Delhi, June 03, 2018: Experts from Xrbia Builders, a Mumbai-based real estate company,forecast 2018 to be a progressive year for real estate. The previous year had been really slow, a healing period for the realty sector.
Demonetisation, GST, and RERA initiated the cleansing of the real estate sector from corrupt builders and black money. Several shady practices were questioned and outlawed by RERA to make sure customers don’t suffer. While many expect a great depression in the realty circle, some foresee the real estate market to bounce back.
The prediction is backed by a survey conducted by Quickr Homes of 300 builders in seven major cities of the nation. The result hints that Indian real estate won’t just recover, but it will push forward towards constant profit.
- A staggering 64% of the respondents count Bangalore, Pune, and Hyderabad, as the top three metropolitans where realty will experience a boost. The other 36% feel Mumbai, Kolkata, Chennai, and Delhi NCR will grow speedily in terms of real estate.
- Bangalore may have the priciest projects as an estimate of 25% appreciation may surface in the coming years. The price increase will mainly affect the cost per square feet. This increase may also include real estate sectors of Hyderabad and Pune.
- Around 72% of the real estate builders will launch new projects in the next six months. Delhi and Mumbai on the other hand, will witness a decline in new projects.
- Affordable housing will rise as a mushrooming 2018 realty trend. According to experts from Xrbia Builders, all real estate companies will focus on creating residential properties more than commercial ones.
- Eight out of ten builders believe that RERA will bring a much-needed transparency in the real estate sector. The rest feel that it will be just another thick layer of red tape and bureaucracy that will make life difficult for both the builders and the buyers.
- GST, however, had mixed reviews as 41% of the builders did not find any difference in their business after its implementation. As much as 38% were skeptic of the tax reforms and 21% of the real estate builders felt it would change the business as we know it.
Experts from Xrbia Builders suggest that the revival of real estate in 2018 will not be a fast one, but the speed will pick up gradually. Moreover, the development will depend on authorities keeping their end of the arrangement. The smooth functioning of real estate sector depends majorly on the authorities. They need to safeguard the interest of fair-playing real estate builders and punish those who are using unethical means.
Corporate Comm India(CCI Newswire)