Empowering Homebuyers

After the Government’s radical measure of demonetisation, the implementation of the Real Estate Regulation Act followed by the biggest indirect taxation reform GST have paved the way for homebuyers to leverage transparency and take well-informed decisions. Simultaneously we must admit that the overall realty landscape has improved for all the stakeholders after the implementation of these policies.
The demonetisation, particularly, has resulted in bringing quite a few beneficial developments in the real estate sector. It came as a tool to eliminate black money prevailing in the market; hence developers now don’t need to go through the process of additional verifications of the money flow.

Arjunpreet Singh Sahni
Executive Director, Solitaire Group

Ever since demonetisation has been implemented, affordable housing development has gained momentum in all the major real estate markets across the country. Since demonetisation was immediately followed by long-awaited reform-oriented policy moves like the RERA and GST, the market witnessed reinvigorated demand from the end-users.

With the implementation of the GST and RERA, the much-desired transparency in terms of buyers’ aspirations has been achieved and the homebuyers’ confidence in the market has grown. Consequently, the market is moving up with every passing day. Demonetisation and RERA together have also helped banishing such players from the market whose survival strategies revolved around fake commitments and fraudulent offers.

• Ever since demonetisation has been implemented, affordable housing development has gained momentum in all the major real estate markets across the country.
• With the implementation of GST and RERA, much-desired transparency in terms of buyers’ aspirations has been achieved and the home buyers’ confidence in the market has grown.
• The most promising scenario that has emerged for the end-users is that affordable housing has become a buzzword in Indian real estate sector.
• As a result of all these back-to-back favourable policy announcements, the real estate sector has started showing signs of revival on the back of gradually increasing demand.

These recent policy measures have also boosted the confidence of foreign investors in the Indian real estate sector. Liberalisation of FDI norms had already paved the way for FDI inflow in Indian economy.

Amid all these, the most promising scenario that has emerged for the end-users is that affordable housing has become a buzzword in the real estate sector. The Government is also giving much-needed boost to affordable housing creation under the ‘Housing for All by 2022’ initiative. In addition, affordable housing has already been accorded infrastructure status which allows the developers to receive funds on low interest rate for the construction of affordable housing projects.

As a result of all these back-to-back favourable policy announcements, the real estate sector has started showing signs of revival on the back of gradually increasing demand. Obviously now the homebuyers are more confident as there is much more transparency due to the implementation of RERA.

We surely expect that in the next couple of months, the real estate sector will bounce back on high growth trajectory. Consequently, the dream of millions of end-users of owning their own home is well on its way to become reality.