Real estate has been the most preferred investment in India for over three decades. Like any other type of investment, there have been ups and downs in the trend, but it has always come out beneficial for most of us. However, after demonetization in the year 2016, the real estate sector suffered a slump. Residential realty was hit harder and commercial property market rose to become the next best investment in metro cities.
The year 2019 has also stayed stagnant for the property sector. Developers are still trying to struggle with the regulatory changes such as Real Estate (Regulation and Development) Act (RERA) and GST. Most of them are focusing on selling their existing inventory rather than launching new projects. Residential real estate is coping in some areas but the overall trend has been sluggish.
Some of the future prospects that bring a ray of hope for the industry are:
Being a major contributor to the GDP of the country, regulatory reforms like RERA and GST have certainly helped the industry. Real Estate Investment Trusts (REITs) have finally taken off which is going to make dealings more transparent and regularised.
In the last few years, the demand for mid-segment properties and affordable housing options has seen a significant growth. This trend can largely be seen in micro markets of major cities such as Bhiwadi, Airoli, Greater Noida West, etc.
Variety of Options
There is a whole lot of options for an investor to put his money in. Office spaces, retail spaces and townships are available throughout major real estate markets. Customers who are not sure about their investment have multiple options to explore.
Gradually, the investor sentiments in the real estate sector are improving and things are moving towards a growth trajectory. The future for real estate looks bright for everyone.