How will be the new year 2013 for the country’s ever flourishing market, real estate? Will it be profitable for developers, will it fulfill the needs of all those who are in desperate need of homes?
Well, we’ll know all this as the coming year turns up. However many positive predications are expected.
Throwing light on the reasons for the high expectations, we came to know the new policies and regulations that may optimistically stir the Indian real estate market. Mainly the two important bills viz. Real Estate Regulation Bill and Land Acquisition Bill are foreseen to come in law and if it will, then it would be a game changing point of the market as many developers are against it but LAB seems as a reinforcement for the landowners.
The Reserve Bank of India is contemplating to lower the interest rates, directly benefiting both users and the makers. Also the recent approval of FDI in multi-brand retail anticipates high foreign investment and larger growth of retail sector which in reaction pull up the commercial real estate market’s status and need.
On the contrary side, struggle awaits the sectors due to economic instability in the overall market. This was the reason for lowering of office space take-up (around 20% dropped) in the country.
Besides all trouble, several areas continue to explode and grow like NCR and Pune. Both the cities have seen the launch of a number of luxury projects with premium prices that are attracting interest from NRIs, and HNIs (High Networth Individuals) from other cities as well.
Thus the hardship stays in the market, yet the facelift in the real estate sector is highly forecasted.