2017 was an unprecedentedly rough one for the Indian real estate sector with the implementation of RERA, GST, demonetization and several other reforms and initiatives. The residential market was beset by more policy changes in this single year than in the two preceding decades. The resulting distress signals that this notoriously change-averse sector sent out were loud, though not necessarily clear. However, there were also positive vibrations.
In 2017, the residential property sector saw:
In conclusion, it can be said that 2017 was clearly the Year of the Buyer. Short-term investors definitely had nothing to get excited about, while their long-term counterparts surely had reason to hope again as the market’s growth will be on much firmer grounds going forward. In terms of long-term growth signals, 2017 was – after all was said and done – a breakthrough year for the residential property sector.
Authored By: Anuj Puri, Chairman – ANAROCK Property Consultants
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