Taking a positive note, real estate experts believe that 2016 will bring a positive note for the industry with a great pick-up in sales.
2015 witnessed regulatory changes in real estate industry including relaxation in the foreign direct investment laws and the approval of the much awaited Real Estate Bill by the Union Cabinet.
And now in 2016, experts are expecting positive drift in the market with effect to the changes that the industry experienced in 2015.
Here’s a glimpse of the face of Indian Real Estate in the year 2016:
Reduced Interest rates
2015 saw deduction in the interest rates by 50 basis points in two rounds by the Reserve Bank of India (RBI). Although the benefits of these deductions for the customers were slower than expected, some commercial banks are also cutting interest rates for home loan seekers in order to offer the much needed boost to the industry. Hence, positive effects of these cuts on the property for sale in India are expected this year as buyers who are waiting for much deeper cuts will stop doing so and grab the deals.
Easy payment plans
Realtors are changing their track to entice buyers into the residential sector. Realtors piling inventories and large debts are expected to simplify the property investment process with easy payment plans for residential projects. Introducing such schemes is expected to help increase buying properties in many cities and towns.
Increase in Demand
Year 2015 has seen a steady rise in the demand for ready-to-move in projects. This high demand and increased focus on project completion is expected to set contours for the realty industry in 2016.
Increased FDI in realty
Government projects like 100 smart cities have already gathered huge interest in NRI and other communities. Moreover, the governmental policies have made it simpler for the foreign direct investment (FDI) to enter into Smart City projects. This type of money, in the form of seed funding or private equity is expected to boost investment in the affordable sector, which in turn will lead to growth in the real estate.
Real estate sector has been staggering since last two years. But, now with enough boost from the government, the scenario is all set to change in 2016 with positive impacts.