Year 2016 saw some landmark policies by the central government: Sachin Bhandari

Mr.Sachin Bhandari- CEO VTP Realty: “Year 2016 saw some landmark policies by the central government, one being the passage of Real Estate (Regulation and Development) bill aimed at reviving consumer confidence by improving transparency and accountability & provisioning of funds for faster execution. Other policies which played an important role in this sector were GST Bills getting passed, relaxation in REITs and a lower interest rate regime. Additionally governments move to curb black money by banning Rs 500 and Rs 1000 notes in the latter half of 2016 is going to have a soothing effect on certain residential markets in the country. Though it would be difficult for anybody to gaze exact impact of the same.

Increased developments in cities like Pune (also a smart city nominee) with emerging affordable hubs, expansion of commercial sector and presence of IT/ITeS industries led to an influx of employees leading to more scope for residential real estate properties. Buyers demand was strongest for the low-to-mid priced segment. . This year also saw an increased demand for completed and near to completion projects. There is a greater prominence than ever on word-of-mouth information, including online reviews. Customers’ expectations of residential apartments have also changed rapidly and they are very well informed making 2016 a buyer’s year.

This year also witnessed a rise in the commercial real estate market with a greater demand of grade A office space. With the market improving drastically from 2015, and witnessing improvement in the second half of 2016, predictions say that 2017, will witness a rise in the realty market, making it a profitable year.

2016 has been year of conceptualizing change in real estate and we foresee 2017 to be the actual year of transformation coupled with spot in business.”