With the implementation of RERA, transparency has increased in the housing sector and has put buyers in a stronger negotiating position. Under the government’s initiative like the Pradhan Mantri Awas Yojana, the budget allocation for the economically-weaker sections and lower income group has been increased to 10 billion this year. Developers working on affordable housing projects have the advantage of receiving external commercial borrowings and extended time to complete their projects. While the property prices are still undergoing slow-paced corrections, buyer confidence has increased, which makes it ideal for buyers to own a house or property.
Sales of ready-to-move-in houses have increased by 10 to 12% this year as buyers do not want to take risks in buying or investing in under-construction properties or homes. These homes are not only readily available, they also provide easier rental outgo and EMIs. GST exemptions also apply for ready-to-move-in homes and land. For buyers, this is the ideal time to buy or invest because of the advantage of seeing the houses and the construction quality including easy negotiation deals.
The age of digitization has touched the real estate sector too bringing in less dependency on intermediaries. Through AI, the real estate companies can easily help their customers in making informed decisions and help the end-users track all information and progress on the on-going projects. AI also helps customers pick out their ideal homes based on the parameters listed like office location, distance from your child’s school or college, etc. All details pertaining to finding a suitable home can be monitored and accessed with just the click of a button.
The real estate sector is showing signs of recovery and is on the right path towards a buyer-friendly environment. The regulatory reforms will surely reinforce the trust amongst buyers and although the progress is still taking shape, these reforms are likely to enable a positive growth for the real estate industry in India.