Pune December 28, 2018: Ashish R Puravankara- Managing Director, Puravankara Limited shares his thought about the journey of Realtors Business in 2018 and ahead.
“The year of 2018 has been the year of redemption for the Indian real estate industry. The benefits of structured reforms and the introduction of RERA and GST started to seep into the industry, which has infused a positive sentiment in the entire ecosystem. It has boosted the confidence of all stakeholders – developer, customers, and investors, leading to much traction in the industry especially in the second half of 2018. This buoyancy displayed the strong latent demand which was prevalent especially in the end-user market and validated by the new regulatory framework. What followed was slowing down of new launches as the industry adjusted to the RERA environment, a renewed interest in ready-to-move homes due to the tax benefits and an overall consolidation in the market.
Areas like Pune, Chennai, Hyderabad, and Bengaluru saw a steady rise in demand for homes and we hope this trend will continue till H1 2019. The popularity of Affordable Homes gains further momentum, with more prominent players entering the affordable housing segment. The secondary markets – Goa, Coimbatore, Mangalore, and Mysuru also saw encouraging growth in terms of customer sentiment.
As we enter 2019, the focus for both homebuyers and developers will shift to technology. The concept of smart homes will gather momentum as today’s home buyers prefer cloud-connected homes, particularly in metro markets. The developers will align themselves with ‘Proptech’. As the role of technology in construction, data gathering, artificial intelligence, machine learning will be seen in the sector like never before. With the evolving customers’ requirements, the focus would be on customer centricity and customization to meet the changing needs of the end-user.”
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