The year that was and expectations for 2017/ By Manju Yagnik
The Author Ms. Manju Yagnik is Vice Chairperson, Nahar Group. The year 2016 will indeed – mark in the chronicles of the real estate sector as being a cornerstone; giving shape to an emerging and more dynamic realty sector in India. This much...
cityairnews
Dec 22, 2016 12:30
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The Author Ms. Manju Yagnik is Vice Chairperson, Nahar Group.
The year 2016 will indeed – mark in the chronicles of the real estate sector as being a cornerstone; giving shape to an emerging and more dynamic realty sector in India. This much appreciated drive has come from the government introducing new policies that will shape the future and chart the course of the sector, going forward.
Over the last couple of years India is steadily growing in infrastructure, economy and technology. With Real Estate (Regulation & Development) Act 2016 (RERA), Demonetization, Launch of Smart Cities and Housing for All 2022 were some of the key nation building policy announcements made during this year that are impacting and contributing to the realty sector. These policies when implemented will transform the sector; making it more transparent in its dealings and professional in its approach towards its customers.
Expectations for year 2017
India is on a brink of a new era, with foreign investment rules, RERA and the emerging smart cities is all summing up to an aspiring 2017 for the realty sector. With such initiatives taken by the government, we perceive a more level playing field for well-known and reputed realty brands. This will improve market sentiments and increase home buyer confidence within the industry. It will also make it more attractive as an industry to invest in, given higher transparency levels and ethical business practiced by various stakeholders. We also foresee more investments by FIIs and foreign investors as well as NRIs who will be happy to invest in properties back home.
We look forward to seeing more government participation in incentivizing commercial property development. The government should look at offering incentives for developers to construct more commercial spaces as it will help in attracting foreign investments and amplify India as a business power house. Growth of commercial property directly results in demand for residential, retail and hospitality sectors. This bodes well for the entire property market.
