Although we are still in 2016, talking about the trends and scenario of real estate in the next five years will shed some light into the anticipated property in India. There are also various consultant firms and many research reports that have already been published quoting the most predictable developments of real estate sector. It has also been said that while there is a huge investment in this sector, approaching years are going to more fruitful than ever. After other sub-sectors such as agriculture and education, real estate is considered to be largest in the country.
Earlier this year, the Finance Minister of India proposed to extend the construction completion deadline from 3 to 5 years for getting tax breaks under Section 24. This benefit also came along with some of the terms and conditions for buyers. However, it would not be wrong to say that the government is also trying to bring about a change in the situation of real estate business in India.
Moving ahead, Smart City initiative, which has also been adopted by several cities is growing with a rapid pace and requires more development as of now. Expected to make a turnaround in 2016, the Indian real estate sector has a lot to offer. As quoted above, government initiatives will give a push to this business all across the country and prove out to be a tough competitor for foreign real estate projects.
A few of the projects such as Housing for All and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) are also going to affect the economy in a better way. Also, the introduction of REITs (real estate investment trust) is going to make sure that there is adequate transparency in the projects that have been commenced recently.
Further to this development, the Reserve Bank of India (RBI) has slashed the rates of real estate significantly and the continuation of such inventions is going to affect the other half of 2016. When we talk about housing options that are affordable for majority of people, REDCO Haryana is setting an example for builders in different sectors.
The Smart City proposal was first established in Europe as part of the development process for citizens of the country. After that, this project has found a way to be introduced in other countries as well. Combining buyer’s demand of affordable housing with the rapid infrastructure and commercial properties, it became imperative for developers to look into the option of Smart City project.
With the beginning of all of the above mentioned initiatives and projects, real estate in India is going to look quite different by the year 2020. If builders are now opting for quality projects, then their life span is of almost 80 years. This means that if high-end quality projects are built within these five years, there would be a high demand of such properties in coming years. Thus, it proves that longevity of a building very much decides the fate of it and in terms of real estate property’s health is responsible for its resale value.