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Developers - Real Estate Market is flourishing with “Industry Status”

After four long years of low demand and slump in real estate industry, the participants of market believe 2018 will help the developers revive as the sector has finally been recovered from the impact of Goods & Service Tax (GST), demonetization, and implementing Real Estate Regulatory Act (RERA). According to the corporate stakeholders, it could be made possible for the government to push the industry ahead by giving it infrastructure or industry status. It would help control the prices of acquiring real estate for consumers and cost of funds for builders.

The demand may not be bullish now but the sector is rising and eventually customers are buying unsold properties, according to them. According to Narasimha Jayakumar, 99acres’ Chief Business Officer, over 600,000 units remained unsold. Now it is down to over 450,000 units in India. Jayakumar said, “We are pretty optimistic on the entire real estate sector over the next year to come. I feel it will grow and rise.”
Vice President, CREDAI Western Uttar Pradesh, Amit Modi added, “According to reports from Delhi, Mumbai and Bangalore markets, there will be 30% of rise in sales in 2017-18, as compared to 2016-17.” CREDAI is an apex court which represents real estate builders.

Amit Modi is also the director of ABA Corp, a real estate company. He said there are chances or rise in property prices. He said, “We started selling properties at around Rs. 3500 to Rs. 4000 per sq. ft. around
four years ago in one of my premium projects. Now the price has risen to over Rs. 6500 per sq. ft. In fact, we have crossed Rs. 7000 in some units.” Jayakumar said, “Properties are being searched online. There is 50% rise in number of searches for properties. We have seen 45% to 50% of more queries for buying the properties. ”Even though research and searches about properties have been increased from September, the process of finishing sale was still sluggish, according to Jayashree Kurup, Magicbricks.com’s Head of Advice and Content.

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