The real estate sector in India has witnessed a major transformation over the last year. The introduction of reforms like RERA and GST have brought about a great level of transparency, efficiency and quality-consciousness into the system and have uplifted the market in more ways than one.
Here are some of the dominant property market trends that define 2018:
1. Transparency, accountability and quality-on-time:
Real estate developers in India have completely transformed their business models in keeping with reforms such as RERA, GST and the Benami Property Act. Transparency, accountability and quality-on-time have become the defining traits of real estate projects in the country.
2. Major growth through REITs:
REITs are expected to add significantly to India’s growth story. As more and more office spaces in India become REIT-complaint, a variety of institutional and smaller investors will put in their money in return for regular dividends at relatively low risk.
3. Focus on affordable housing:
Affordable housing has taken centre stage for the government this year onwards, owing to the ‘Housing for All by 2022’ target. The affordable housing sector plays a key role in India’s growth story. As a vital sector of the economy, it provides employment and housing, addressing two of India’s greatest challenges in the present day.
4. Increase in FDI in real estate:
With the launch of the launch of REITs (Real Estate Investment Trusts) in 2017 and the enhanced transparency in real estate transactions, the real sector is expected to attract a large number of global investors this year onwards.
5. The emergence of co-working spaces:
As a result of the fast-evolving work culture in India, traditional office spaces are being replaced by hybrid co-working spaces. Corporates and co-working operators will now work in tandem, which in turn will benefit the real estate economy and also increase cost-efficiency, productivity and employee retention.
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