What are the Major Trends For Indian Real Estate in 2019?
In India, the most favorable form of investment is in the real estate sector. The market size of the real estate sector in 2017 was US$120 billion which is expected to reach US$1 trillion by 2030. With the numerous reforms introduced, the sector has gone through changes in the tax, regulatory as well as the business environment.
The real estate experts have forecasted trends that might further shape the investment market. Hence, some new trends that are expected to emerge this year are as follows-
1) Affordable housing- Since the last few years, affordable housing is one of the segments where transactions have been seen. This trend is expected to continue and bloom in 2019 as well.
There are government incentives that are being provided to both developers and homebuyers at the same time, and they are pushing supply as well as demand within this territory.
With the recent announcement made by the government, they have extended the benefits of Credit Link Subsidy Scheme (CLSS) on home loans for the Middle Income Group (MIG) which comes under the Pradhan Mantri Awas Yojana (Urban) till the end of March 2020. In this, a homebuyer can avail the benefit such as subsidy of up to ₹ 2.67 lakh on home loans under this very scheme.
“It will prove to be another major push towards the progression of the affordable housing segment. We are confident that this move will set the tone for a prosperous 2019 for the Indian real estate sector," statement made by Jaxay Shah, president, The Confederation of Real Estate Developers’ Association of India (national)
2) House hunting through the digital medium- With the internet proliferating amongst users, there has been a rise in property portals and websites of agents and real estate developers in India, today the digital savvy customers can short-list multiple properties in a short period of time, as per their requirements. The Real Estate (Regulation and Development) Act (RERA) has made it compulsory for projects to be registered under the state’s regulatory authority and for information about the project to be should be updated on the authority’s website. This will in return help the property buyers as they can cross-check and validate information from multiple sources online, before taking on-site call visits or final purchase.
3) Co-living options- Many people, especially students and young professionals, find renting a house and then sharing an apartment a more beneficial option. However, such co-living trends have been doing the rounds for several years now. They are currently are largely available in metro cities like Bengaluru, Mumbai, Gurgaon, and Pune
4) The launch of REIT- Many experts who are in the field of real estate believes that the first Real Estate Investment Trust (REIT) will be launched in the country by 2019. However, REITs was introduced in the year 2008 in India, leading to the first draft guidelines on the subject being issued in 2013. But lack of clarity on tax implication was holding back the REITs to turn into a reality. But in the last few years, the government has removed many obstacles.
Keeping the points in mind, if you are looking for best property sites in India, then you can reach out to Ashiana housing for details regarding different properties like comfort housing, kid-centric and senior houses across India. They have a project in Delhi NCR, Jaipur, Jodhpur, Halol (Gujrat), Chennai, Lavasa (Pune) and Jamshedpur.
BREAKING NEWS: Crown Equity Holdings, Inc. Announces Partnership
