Recently we have celebrated 607th birthday of our beloved heritage city Ahmedabad. “ A city found by the great Ahmed Shah. So far Ahmedabad has seen many ups & downs in its heritage & real estate field for the develo–pment which we all have witnessed.
But what will be NEXT?
How Real Estate will take a turn especially after 3 major hitback of Demonetisation, RERA & GST. Somehow it has tried to maintain its stamina for the same which we have recently felt in our Budget 2018. But after major wh–at major changes Real Estate is going face. Let’s just have a lookout on it:
- Affordable housing segment to play a major role:
Recently, we have seen in Budget 2018 that there is a hike in the affordable housing sector. So this year in 2018realty sector is expected to see a huge flip in sales of affordable housing under the category of Pradhan Mantri Awas Yojana.So home buyer will now have more bigger and better option. Developer will now launch new projects so serve this segment so we will be seeing wider option for this segment. This will again help developer to clear unsold inventory.
- Consolidation of realty sector:
As we all are seeing realty sector is changing especially after implementation of RERA.New organized and large scheme will be seen in the market. Also the promoters who are not comply with RERA norms or who are not able to perform as per RERA have to merge with organized sector. This will bring greater confidence & many changes in the realty sector as now home buyers can now ask in case of delay in terms of the possession of the apartments.
- Smart City Initiative:
Smart City initiated by our Prime Minister Narendra Modi in which realty sector will play a major in developing social and economic infrastructure for any smart city in India. Japan is also associated with the development of Chennai, Ahmedabad and Varanasi for making it a smart city. Again development of Smart City will help in Urbanization which will again increase the demand for property. Transformation will also be seen in Commercial Real Estate sector which we can witness in Gandhinagar GIFT City. The development of Smart City will also move the demand for other asset like hotels, education, hospitals, shopping malls and many more…
- Boost in Foreign Direct Investment:
The fund for Foreign Investment is increasing in India now that will be more seen in Real Estate market also after the implementation of RERA.The Real Estate market will be now at global level and will increase significantly, which will lead to huge expansion in opportunities and employment generation along with emerging economy of India. In 2018, India will find more NRIs for Real Estate market which will be now more reliable and lucrative.
- Space management by the developers:
As urban metro cities attract more people, so the cost of prime real estate market will continue to rise which will be seen to continue in 2018 also. This will lead to greater urban density also competition for space will reach to sky. So now developer will try to become more innovative with design for Residential as well for Commercial spaces. No wastage of space will be taken care by developer so that living spaces can be maximize.