The real estate market has always been flourishing when it comes to Indian residential and commercial properties. As compared to the earlier year, 2016 definitely gave a kick start to this industry as sales were quite high and even the demand was growing day by day. The first quarter of the year witnessed a lot of change in the sales as more buyers entered the market and there were many new projects also initiated. But soon GST bill was introduced and later on some changes were also made to the RERA. Both these policies do have an impact on the real estate market growth but the investors and builders found ways to combat the issues and move ahead.
Meanwhile, the developers and the builders were busy getting used to these new policies of the government, there was a big blow and it was the demonetization or the ban on higher currencies. This shook the market like anything as the period of standstill came into the market. Now the builders did not have enough money to complete the project and the buyers were after them to deliver the homes. The condition was really pathetic as the new reforms had an adverse effect on the market. Not just the prices of the homes went down but even the sales got reduced to a large extent.
Developers did not know what to do as marketing was going down at a rapid pace and there was no hope left that things would improve. The second quarter did go through a downfall but now things ae changing. The market is now moving up as builders are trying their best to make a comeback in the market. Even the customers are showing interest in the different kinds of properties thus engaging in sales as well. So you can say that slowly and steadily the market is moving up and even the sales have improved a lot.
In the coming type, RERA world definitely has a significant role to play as it will come into action. Though most of the laws are in favor of the buyers but still we need to wait and see how the developers would cope with the changes introduced by the government. The first quarter of the next year 2017 can have a good start only if the market moves up and there is some sort of movement. For now, the market is stable and we can only expect things to pace up in future.
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