The curtains are finally up for the real estate market of India. According to the latest reports and researchers, the property business has bottomed-out. Even during the 2008 global recession, the market in India was not this bad and soon picked race from 2009 onwards. But with many government policies coming into the core of this traditionally unorganised business, the buyers’ sentiments have gone from bad to worst. However, this must not be taken as a gone case as policies such as RERA (Real Estate Regulatory Authority) are coming to bring a transparency and governance in this sector. Knight Frank India, a highly acclaimed consultant service in India, have has made its views clear that the revival of the market economy will start but some amount of time will be taken. They have also made it clear that for the end user buyers, it is one of the golden chances in India’s real estate past
RERA will stand the real estate economy on its feet and will make sure that its contribution to GDP is worth. This will take time, and as a neutral’s perspective, the slower the process goes the more efficient it becomes as the small and unregistered players rule the market making this process lengthy enough which can stretch up to a maximum of 5 years. The good news for the buyers is that cleaning and refining process of property business have already been started and this time it looks like the government is taking a firm stand on this issue. Since, the market is a capitol driven market, this gives the end user buyers a great opportunity to get a very reasonable deal provided that they are smart enough to know what property is good or bad. They must get projects which are almost completed or are ready-to-move-in.
As earlier said, the situation is not hopeless as various big cities of India such as Hyderabad, Bengaluru and Mumbai are already witnessing a growth in their property market. The situation in Delhi-NCR is worst but there is hope that this biggest market of real estate will soon find its touch. The most significant news that is floating in the market sentiment is that the developers are already showing their support to make the mishaps in the market end as soon as possible. The delayed possession, unfinished projects, high interest, casual developers and price escalation are all responsible to such a state since 2009 and RERA India Act have taken all of these points under its domain which will definitely help to boost buying sentiments of Indian Real Estate market.