A propitious year for the real estate market
The year 2018 has been a resuscitating year for real estate in our country. Housing sales have shown an emergence in its sales with the preoccupation of the real estate players on the completion of projects. The implementation of the subsidies under Pradhan MantriAwasYojana (PMAY) this year has also brought about some trends the market including Affordable Housing, Co-working, etc. This helped in the improvement of transparency and accountability in the sector by restoring faith in the market.
Although there is a delay in according an ‘industry status’ to the real estate sector, but anticipations are high from 2019 with the upcoming budget, infrastructural development and new metro lines to bring about favourable changes in the sector.
In addition, the recent incentives of lowering the GST rates and infrastructure status to affordable housing from the government have stoked up the demand in the sector. The reduced prices boosted the Housing sales to 6% in eight major cities making it another propitious year for the real estate market.