January 20, 2020

Here’s what 2020 holds for the Residential Sector

Rakesh Reddy, Director, Aparna Constructions, For Construction week magazine

After a successful recovery from multiple hurdles in the last year, 2020 brings many growth opportunities for the realty sector. Our Director Mr. Rakesh Reddy gives his insights on the same in a recent conversation with Construction Week Magazine. Some factors that can boost the growth are:

  • Implementation of RERA: Due to the government’s implementation of the RERA act, the relationship between the builders and buyers have gotten much better. As home-buyers can now trust the builders for delivering projects on time, the demand for residential projects has taken a hike.
  • GST Relaxation: Last year, the Government decided to reduce the taxes on the under-development projects, and fund the projects that have been halted. This has helped reduce the cost of properties, drawing the eyes of those looking to buy properties at affordable rates.
  • Urbanization & Rising Income: Due to the recent hike in the working class’s income and urbanization has made housing affordable for many, hence increasing the demand for the sector.

Such factors have contributed to the increasing demand for the Realty Sector in India, which will account for steady growth in 2020 and the coming years. The sector’s growth in cities like Delhi, Mumbai, and Kolkata is quite evident, while it remains at a stable pace in Hyderabad and Bangalore. Find more details on the same in the full article by the Construction Week Magazine