The real estate industry in India experienced several changes in the year 2018. The polices and amendments imposed by the government and demonetization has created a considerable impact on the performance of the real estate industry. GST and policies of RERA influenced the growth of the real estate industry. Housing for All and Affordable housing was given greater importance in the year 2018. Here you would know about the views on real estate trends of the year 2019 by Aditya Mishra, CEO of SwitchME Technologies.
Expert View On the Future Of Real Estate Market
Aditya supports the Housing For All scheme announced by the Prime Minister of India. He feels that this scheme would create a significant impact on the real estate industry. The scheme has made it possible for homeless people to build their own house. The popularity of the scheme has influenced the affordable housing projects. Thus big real estate owners and reputed real estate developers have started to take up projects related to affordable housing. Aditya predicts that there would be some increase in volume and price appreciation of the secondary market of the real estate industry. The primary market is expected to be resilient. He suggests that there would surge in the volume in the future in popular cities of Mumbai. According to Aditya, in the year 2019, there would stable real estate prices in Pune and high real estate rates in Bangalore.
Aditya also talks about the challenges faced by the real estate industry due to GST and demonetization. Unsold inventory was the critical issue experienced by the real estate industry due to the above government reforms. RERA and Benami Properties Act also influenced the growth of the real estate industry. In the year 2019, this situation would change, and big real estate owners would manage the market situation. Small realtors and developers would face difficulties in sustaining in the market.
Impact Of Elections And Budget
According To Aditya Mishra, the General Elections 2019 would create a significant effect on the future of the real estate industry. The economy would face cash infusion due to elections. This would result in inflation. People would plea the government to cancel the agricultural loans before the general elections. The factors mentioned above would influence home buyers and people who wish to invest in a property. Increase in the interest rates would result in consolidation, and this would affect small developers. It is not possible to predict the accurate performance of the real estate industry after the general elections.
The above are some of the expert insights on the future of the real estate industry.