Wow!!!! There is rise in sales in the Residential segment by 25 percent
The sales in the residential sector in India has recorded a hike of 25% which is one of the most significant records till date. It seems like real estate industry is gaining back its stature in the economy with special emphasis on the sale of residential property and corporate leasing. The first quarter of 2018-H1 has recorded 25% year-on-year (y-o-y) increase in sales in the residential segment primarily in top metro cities of India incusing Delhi, NCR.
The pathetic state of the real estate sector:
Looking back on the last 5 years of the industry, it won’t be wrong if you quote it as a black period for real estate. Not only the buyers suffered from poor choices and depreciating resale value but the sale in the residential segment was recorded “pathetically poor” by the experts. Part of it was because of lack of single window clearances as well as the ignorant behavior of the real estate developers. The lack of rules and regulations on the real estate developments led to the complete loss of faith of buyers in the market, which evenly affected the right wing of the real estate industry.
Better quality of life awaits possession:
However, 2018 came up as a ray of hopes where several policies and schemes were launched by the Government to safeguard the rights of the buyers and maintain proper monitoring of the real estate developers. Implementation of RERA Laws which has strengthened the residential real estate market significantly was a major step taken by the government to safeguard the equilibrium of the market. That is why the real estate industry now a day’s facing good time where vacant inventories are selling and new launches are taking place. The sentiments of the buyers are getting positive, now they are coming out of their shell and looking out for good and best deals, this might be possible that this coming festive season will be a big hit for the developers those who’ll give lucrative deals to home buyers.