Affordable housing to drive Indian real estate in 2018: Rakesh Reddy, Aparna Constructions and Estates
Rakesh Reddy, Director, Aparna Constructions and Estates
BY: Rakesh Reddy, Director, Aparna Constructions and Estates
While 2017 was a year of consolidation for the policy initiatives that were introduced in the previous year, 2018 is expected to show continued growth. Initiatives including RERA and GST have been positive steps towards increasing transparency and boosting buyer confidence in the real estate market. As far as market dynamics are concerned, we can expect potential buyers to have a positive outlook in the upcoming year.
Two major trends that will drive market growth are the focus on the affordable housing sector with incentivised financing and the increasingly transparent business models of developers.
Affordable housing projects were given a major boost this year in the Union Budget 2017-18. Since the affordable housing sector is the most incentivised segment for both developers and buyers, many reputed developers are now launching projects in the affordable segment. More than 10 million affordable houses are expected to be built in rural India by 2019. The lowering of interest rates on bank loans has revitalized the market as well. The increased availability of affordable loans and financing has widened the pool of potential buyers.
With the implementation of RERA across India, developers have had to revise their business models and shift their focus to the timely delivery of ongoing projects. Previously, although many projects were being launched regularly, there was no guarantee for completion of projects unless you were dealing with a reputed developer. Now, due to RERA, a deadline for completion must be enforced. Developers have also become increasingly flexible on pricing and payment schedules. These changes brings much needed transparency and accountability to the sector, which inevitably boosts buyer confidence and increases activity in the sector.
Overall, all signs show that 2018 will be a strong year for the market. Home loan interest rates are at their lowest levels in a decade and affordable housing has become even more incentivised. Initiatives such as RERA and GST have instilled a sense of transparency and compliance in the market. 2018 will reap the benefits from these changes.
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