Real Estate market shrugs off impact of demonetization, RERA, GST


Various acts implemented by the government ranging from demonetization to GST and RERA were aimed at bringing about more transparency to the real estate sector. While the former backfired hugely, yet residential properties across India's top 30 cities have simply discarded its impact and absorbed what is being predicted and hoped for as a short term blow of changes. 

As an indication for better coming times, these top 30 markets showed signs of a much needed normalcy, as sales were registered being the best among the previous five quarters. At least 22 markets were just touching the line of delivering their five quarter best based on sales volumes or at least doing better than their previous highs during the September quarter. The tier 1 cities consisting of Pune, Mumbai, Bengaluru, Hyderabad were definitely at their five quarter best but tier 2 cities like Bhubaneswar, Kanpur, Rajkot, Bhopal and more also brought in their best sales volumes over the past five quarters. Godrej Alive is an upcoming residential apartments in Mulund Thane, Mumbai.

Godrej Alive
Godrej Alive


More to come about....


MagicBrick’s index showed that during the October- December 2017 quarter, there was an average price increase of around 3.1% in 46% of the listed 750 localities across 14 major cities. Another notable thing was that after a stagnancy of over two years, MagicBrick’s National Price Index (NPI) saw the first price uptick in the July- September quarter of 2017 and this increase has carried over to the October- December quarter as well with around 1% increase. 

Data from Liases Foras Real Estate Rating & Research said that it can be pretty much guaranteed that all cities have made a huge comeback from the impacts of demonetization which brought about a series of lows. The data also shows that this quarter was more significant as the RERA act and GST regime were rolled out in May and July, respectively. These two key reform measures were being banked on to bring about better results. 

Rajeev Talwar, the CEO of DLF stated that there was a demand for more ready- to- move apartments in small cities and metros as investors didn't want any gaps between promises and deliveries. So the demand is being driven by the end buyers who are yearning for more security and trust. The bringing about of the RERA act is also being attributed to these major boosts all over the country since it improves customer confidence in end products. 

Thus, while the noticeable uptick has caused a sigh of relief all over the sector, it is still being hoped that 2018 will bring about more growth and better results.
Location: Mulund Thane Checknaka, LBS Rd, Modella Mill Compound, Thane West, Thane, Maharashtra 400601, India

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