The year 2017 became the year of consolidation for the real estate market. The sector witnessed some major new trends which would shape or re-shape the entire market. New legislation and schemes such as RERA (Real Estate Regulation and Development Act), REIT (Real Estate Investment Trust), Demonetisation, GST (Goods and Services Tax), The Benami Transaction Act and granting affordable housing, the status of infrastructure has brought transactions in real estate to a somewhat standstill. Yet the New Year has come with new hopes for both builders and buyers. Real estate experts are optimistic about the implemented schemes and acts, and their long-term benefits.
In terms of reforms, RERA would enforce timely delivery, accountability and transparency. Once the supply/demand mismatch is corresponded to, RERA will definitely earn consumers’ confidence in the market. It would also help in separating defaulters from credible developers.
With REIT (Real Estate Investment Trusts), finances are queuing up for developers. It also provides all investors with the chance to own valuable real estate and present the opportunity to access dividend-based income and total returns. It also helps communities to grow, thrive and revitalize.
Earlier on developers expanded their scope of work extensively, without a prior proper planning, whereas now developers are streamlining their projects and adopting a transparent mode of dealing with their new customers. Real estate now is more about services and addressing the concerns and issues of consumers in a realistic manner. Customers’ needs are prioritised and their actual problems are to be focused on and solved.
Hence, if the developers are transparent, loyal and honest, they will be rewarded by the authorities as well as customers. So, the real estate sector has basically changed its dynamics from being a builders oriented one to a customer-oriented one but it also aims at long-term benefits for the developers as well.