November 21, 2017

 

Mumbai : A year after demonetisation, investor activity seems to be picking up on the back of big-ticket reforms and the prospect for the real estate sector only looks promising. Read on…

On November 8th 2016, the centre demonetised the currency notes of Rs 500 and Rs 1000 with the aim to bring back the 'black money' into the formal system and move towards a cashless economy. Now, a year later, the country and particularly, the real estate sector is still under its after-affects.

Though experts believe that the back-to-back jolt in the form of demonetisation, then RERA, the Benami Transactions Act, and lastly the GST has derailed the sector temporarily, it has only ushered in the much needed transparency, credibility and professionalism, which will lead to an uptick in the sector and take it to greater heights.

One Year of Demon – Experts Speak:

"For a sector that was accustomed to cash dealings, demonetisation resulted in a massive slowdown in sale transactions. Post-reforms, customers are showing a clear preference for developers with a good past track record of delivering quality projects within the committed timeline. This should lead to a higher threshold of entry into this sector".

Amit Oberoi, National Director, Knowledge Systems, Colliers International India

"Looking at the price movement in 2017, while most of the cities have witnessed stagnant prices or marginal upward change, some have recorded a small correction. Comparing Q1 2017 with Q3 2017, while Bengaluru, Hyderabad and Pune have witnessed a small upward change in average prices, other cities such as NCR, MMR, Chennai and Kolkata have recorded a small decline in prices".

Anuj Puri, Chairman, Anarock Property Consultants

"Post-demonetisation, there has been an improvement in sales volume of developers. They are taking a cautious stand on the launch of projects, after RERA. The demand for office and retail space however remains strong. The positive effect of demonetisation is a reduction in home loan interest rates and the cleaning up of the sector".

Sachin Sandhir, Global Managing Director, Emerging Business – RICS

"Demonetisation, RERA and GST came within a short span and the disruption they caused resulted in a temporary slowdown. The world is taking note of the bold reforms undertaken by the government. The big jump in the ease of doing business, which saw India leapfrog 30 levels higher in the list compiled by World Bank is an affirmation of the faith in such measures".

Pravin Bhalerao, Executive Director, IIFL Investment Managers

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Source: magicbricks.com