New Delhi: The year 2018 has been a resuscitating year for real estate in our country. Housing sales have shown an emergence in its sales with the preoccupation of the real estate players on the completion of projects. The implementation of the subsidies under Pradhan Mantri Awas Yojana (PMAY) this year has also brought about some trends the market including Affordable Housing, Co-working, etc.
This helped in the improvement of transparency and accountability in the sector by restoring faith in the market. Although there is a delay in according an 'industry status' to the real estate sector, but anticipations are high from 2019 with the upcoming budget, infrastructural development and new metro lines to bring about favourable changes in the sector.
In addition, the recent incentives of lowering the GST rates and infrastructure status to affordable housing from the government have stoked up the demand in the sector. The reduced prices boosted the Housing sales to 6% in eight major cities making it another propitious year for the real estate market.
Prateek Mittal, Executive Director, SUSHMA Group
"Improvement in housing sales in Tri City in CY 18 has shown seriousness of the realty players on the completion of projects since the implementation of RERA. Low levels of new launches in the past 4-5 years, and a constant rise in sale numbers in the last 18-20 months has attracted a lot of buyers and investors. Elaborating about Zirakpur, the region now having an excellent connectivity with the new International Airport & the Airport Road, witnesses a flourishing demand for commercial office space that are also driving an increase in demand for residential property. Basis the current scenario, I hope that this financial year will be even better for the realty sector."
Mr. Pradeep Aggarwal, Co-Founder& Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM
"Due to improved transparency and accountability that came with the introduction of RERA and GST. The Indian Real Estate sector, which is going through a rough path, has now been working to adapt to changes and is on the verge of a systems re-boot. Along with the sector making loan accessible at affordable rates by capitalizing affordable housing and CLSS, a deadline has been set by RERA for the completion of the projects, impelling the developers to improve and revisit their business model. Alike this year, we expect an upward thrust in the real estate sector in the upcoming year."
Mr. Manoj Gaur, MD, Gaurs Group and Vice President, CREDAI National
"2018 has been a favorable year for entire real estate sector. With RERA in place, buyers gained more confidence in investing in properties. The demand was seen in all the categories of real estate- be it newly launched, under construction or ready to move in homes. As per the market reports Greater Noida led the way as we too, saw huge sales in our township project, Gaur City during Q1 & Q2 and also during the Festive Season. We are expecting 2019 to be another great year for Indian real estate sector. In fact with the upcoming budget I am sure there would be favorable changes for the sector."
Ankush Tyagi, CEO, T&T Group
"This year over all has been a fabulous year for Indian real estate. The entire real estate across northern region improved tremendously as there was a major upsurge in demand for housing. Home seekers also invested in luxury and technology-driven homes like the one which we have in Siddharth Vihar. Ours is the 1st digital housing in the region which saw tremendous demand. In fact during the festive season the demand had doubled up. I am sure this financial year will bring a turnaround in Indian realty."
Gaurav Gupta- General Secretary CREDAI Ghaziabad and Director SG Estates
"Realty sector which otherwise was reeling under high pressure of demand and supply, where supply had become way higher than the existing demand until FY 17-18. With fresh supply very limited and ready to move in inventory almost finished, prices will start increasing very soon. This is the best time for the buyer to purchase the property. The conversions in Rajnagar Extension increased by 40% post the elevated road became operational. This festive season itself saw over 400 units sold in RNE. We are expecting the coming year to be even better for the sector."
Mr. Nakul Mathur, MD, Avanta India
"2018 has been an enthusiastic year for the entire real estate sector. Buyers gained more confidence in buying properties with the implementation of RERA either be it the residential sector or the commercial sector. Also, there have been many trends that made a mark this year including the co-working spaces. Talking about the price and demand movement this year, vacancy rates have reduced and prices have remained stagnant. Expecting further, 2019 is expected to bring an upward thrust with some favorable changes in the real estate sector."
Dhiraj Jain, Director, Mahagun Group
"This year has brought with it many trends in the real estate sector including Affordable Housing. It is been hoped that this financial year will be even better for the real estate sector due to the adaption of changes in the sector which has pledged quality boost to the prospective property buyers. Altogether, this year has been the revival tenure for the real estate market across the country and 2019 is anticipated to be another hopeful year for the real estate market."
Rajesh Goyal, MD, RG Group
"A sustained growth has been noticed in the year 2018 in the real estate sector. Along with the sector making loan accessible at affordable rates by capitalizing affordable housing and CLSS, the implementation of the various subsidies has assisted in improving the transparency and accountability in the sector. 2019 is conjectured to be another great year for the real estate sector and is presumed to bring in many more trends and support from the government for the enhancement of the market."
Ashok Gupta, CMD, Ajnara Group
"The real estate sector experienced a streamlining this year due to the adaptation of some of the basic changes in the sector with the implementation of RERA and GST. The real estate sector welcomed many new trends in 2018 including Affordable Housing which played a very significant role for the growth of the sector. 2019 is expected to be another great year for the real estate sector and with the upcoming budget, it's sure that there would favorable changes for the sector bringing in more trends and in addition to that the status of 'Industry' for the real estate sector."
Babita Singh, Chief Sales Office, Paramount Group
"This year can really be considered as a rejuvenating year for the real estate sector. In the era of RERA, the real estate sector saw a uniform growth in its sales and had a combined effect on the real estate market. The year 2019 is full of expectations for the real estate sector. It is anticipating with it many upcoming trends and many more developments for the sector."
Harvinder Sikka, Director, Sikka Group
"The new acts and regulations introduced in 2018 have been buyer friendly and have morally boosted the buyer's confidence in buying and investing in real estate and is expected to improve in coming year. Government plans like building 100 smart cities and providing Housing to all by 2022 will boost the realty scenario in our country. With enough push from the government, the environment of realty market is all set to change. 2019 will be good time for potential buyers to invest in realty market."
Sagar Saxena, Project Head, Spectrum Metro
"The commercial segment in the real estate industry experienced the protracted impact of structural reforms undertaken over the last 24 months, such as RERA, GST, and Demonetization, that collectively changed the way business is conducted in the country. Witnessing the huge demand for office, retail and hospitality spaces, real estate developers are now offering wide range of commercial integrated projects, which are providing comprehensive solutions to meet the aspirations and expectations of large corporate as well as new age professionals. The industry as a whole has seen both the turmoil and the prospect that is likely to be the trend in 2019 as well."
Deepak Kapoor, Director, Gulshan Homz
"This year has been an enthusiastic year for the entire real estate sector. Buyers gained more confidence in buying properties with the implementation of RERA either be it the residential sector or the commercial sector. There have been many trends that made a mark this year including the co-working spaces. The improved transparency and accountability has been a boon to both the buyers and the builders. But if we take an overview of 2018, then the areas like Noida, Greater Noida and Ghaziabad are expected to see the maximum development in 2019."
Vikas Bhasin, CMD, Saya Homes
"The year 2018 ushered in transparency, accountability, commitment and has been accepting the various reforms. In addition to eliminating unscrupulous players from the market and the implementation of RERA and GST, there have been other positives this year - CLSS which made homes affordable to a specific segment of buyers, and scope for REITs. Looking back at all the perspectives, 2019 is expected to bring about an upward thrust bringing about favorable changes in the real estate market."
Kushagr Ansal, Director, Ansal Housing
"Transparency and accountability has improved in 2018. There has also been a decrease in the unsold inventory due to the boost in the real estate sector as the builders are focusing more on the completion of projects rather than coming up with many projects at a time. We hoped that 2019 will be another favorable year for the sector with new trends and policies."
Ankur Dhawan, CIO, Housing.com
"2018 was a year of stabilization and it was the first impactful year after the demonetization phase of 2016 which had a hangover the in 2017 as well impacting the real estate market negatively. However, with the implementation of RERA and GST, the real estate market saw a stable growth and improvement in the market. RERA and GST also spurred the enhancement of transparency and accountability in the market reviving the trust of the homebuyers. The sale in the first part of 2019 is probable of remaining stagnant whereas by the end of the year, after the stabilization period, market is expected to go back to the normal and be favorable for the real estate sector."
Kamal Taneja, Managing Director, TDI Infracorp
"Many new trends have been launched in 2018 thereby opening many opportunities for the realty players. With the commencement of the New Year 2019, the real estate market is expected to see a rise in the sales and infrastructural development. With the industrial and infrastructural development, residential sector will also get a boost in 2019. With the expansion of KGP, KMP and FNG, there will be an augmentation in the sector not only in the Delhi NCR region but also in the regions like Kundli and Sonepat."
Ram Agrawal, Director, SHRI Group
"Year 2018 has been a stimulating year for the real estate sector. 2019 is also expected to bring about some favorable changes in the sector with the introduction of new trends and the upcoming budget. However, the status of 'industry' to the real estate market and the implementation of 'Single Window Clearance' would be much appreciated."