Indian real estate market is dead.
If anyone says you this, better not believe that person. Yes, the last year wasnâ€™t on the same curve as it was five years ago but there is still a hope for the future. In fact, the Indian real estate is going to restore the same glory it had in the year 2007. It is going to evolve and become the best investment for the people looking for making the best use of their money. Indeed, the real estate market had been less-regulated with no provision to solve the disputes but with the Real Estate Regulation Authority, the industry is going to be reformed. The Govt. is barging in and soon, the Indian real estate would grow. Let us see what is going on in the Indian real estate market that is the foundation of a better tomorrow.
1. Real Estate Regulation and Development Act
With the increasing selective transparency in the real estate, many people are reluctant to invest in the under-construction properties. In fact, it would be not wrong to make a statement that the present condition of the real estate market in India can be accredited to this decreasing transparency. The property disputes are going unsolved for the years and the time of possession is delayed. This new authority is going to invite the investors to India making it the safest bet.
2. Goods and Service Tax
Everybody hate taxes. That is a fact. The real estate taxes are no different. The homeowners have to pay many duties at the time of possession and during the ownership like VAT, service tax, stamp taxes and registration charges. It is tough to keep tabs on all these at once. Hence, the new GST would be clubbing all the taxes and it would be easier for the owners to pay the taxes on time without skipping and paying the late fees later. It would also be better for the Govt. as they will get timely funds which would again, be invested in building the better infrastructure for the residents.
3. Employment Generator
Real estate is presently the second largest employment generating industry in India. It contributes to around 5% of Indiaâ€™s GDP. This is a significant number and Govt. is coming up with new reforms, like the above two, to increase the turnover and restore the trust of the investors in the Indian real estate.
4. Housing for all by 2022
The present Govt. is focused on providing affordable housing solutions to all by the end of the year 2022. As such, more and more builders are opting for the affordable houses as compared to the luxury ones. It is predicted that the inventories of the builders will be moving fast and the partnerships among the builders will lead to more and better housing projects. Over the next seven years, there is going to be the supply of about 20 million houses in the urban area. More demand would mean better opportunities for the real estate developers.
5. Better infrastructure
Technology is changing the face of real estate in India. With the fast-paced developing infrastructure of the country; especially in the metro cities; is fueling the establishment of the smart cities. The well-connected transport, education, healthcare facilities etc. are leading India to become a dream home for many people. We talked about the affordable houses, but the NRIs seeking the top-class smart technologies in the houses will also not be disappointed by investing in Indian real estate.
There are many factors that guide the real estate; the market norms, the perspective of the buyers, an initiative by the Govt. and the facilities offered by the builders. The present scenario is towards the better future for sure.