There can be multifarious trends that may rule the Indian Real estate market in the year 2019 but the major 5 trends considered in a pragmatic manner and with a panoramic view are as follows.
AFFORDABLE HOUSING :
In the last few years, the major emphasis is on Affordable Housing to cater to the needs of the teeming millions and to accomplish the PM’s mission of ‘Housing for All by 2022’ and this trend shall accelerate in the year 2019 as Affordable Housing is maximum in demand and as it is more affordable for masses as the name suggests.
EASY ACCESSIBILITY :
With new transport corridors, expressways, flyovers, roads, bridges opening up and with an ever expanding Metro network reaching remote areas, far off places are getting inter-connected to the metro cities leading to an easy accessibility and opening a plethora of options for the masses to live and work in these areas from where they can commute easily on a daily basis. This shall also lead to the overall improvement of the infrastructure in the coming year.
COMMERCIAL & OFFICE SPACES : In the coming year, scope for provision of commercial and office spaces shall also improve besides Housing. This shall happen because of easy accessibility to far off places and overall improvement of infrastructure.
FORMULATION OF POLICIES :
In the last two years, some major factors like Demonetization, implementation of GST and formulation of new policies like RERA have affected the Real Estate market but now the things have become normal for better prospects. The incoming of RERA which is buyers’ friendly and addresses the issues and problems prevailing in the Real estate market, has boosted buyers’ confidence in buying and investing in property and is expected to improve the dealings in the year 2019.
ELECTION YEAR :
The year 2019 being the major Indian Election year and the major concentration of the people being on its results which shall decipher the political and social situation in the country, may affect people’s decisions to prepone or postpone in investing or buying property to some extent.
[This is an authored article by Parveen Jain, Vice Chairman, NAREDCO & CMD, Tulip Infratech. All views, opinions and expressions are personal and limited to the author.]