??|?? January 13, 2013 ?? 05:29pm ??|
The year 2013 will be a game changer for the real estate industry, in terms of policies and regulations , with most pending bills expected to be passed in Parliament in the coming quarters, according to Pranab Datta, Chairman ? Knight Frank India. Specifically in the case of real estate , these include the passage of two crucial bills, namely Real Estate Regulation Bill and Land Acquisition Bill, which are expected to boost the sentiment of all stakeholders.
Pointing out that the government is serious on introducing reforms in India ? as can be seen from the recent approval of FDI in multi-brand retail ? Mr Datta believes that the RBI can also be expected to lower interest rates in the coming months, which will benefit developers as well as consumers .
?The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to the last year,? he says.
Looking on the bright side from a home buyer?s point of view, he observes that the year can be considered positive for property buyers as prices have remained stagnant unlike the previous two years where most of the cities witnessed a steep price rise. ?This offers a window of opportunity for those buyers who were sitting on the fence till now to start considering their purchase decision,? he explains.
Speaking of the residential real estate sector, Rohan D?Silva- National Director, Residential Agency, Knight Frank India, adds that the residential real estate front has also seen some ?exciting launches across the country? , though not all of them may have met with the high expectations set. ?It has been observed that projects that offered differentiated products at a good price were well accepted by consumers ,? he says. This was true for products ranging from 4 to even 50 million INR.
?Some of the quick movers in the mass housing segments were products that were priced in the range of Rs. 4000 to Rs. 5500 per sq. in locations like Noida , Navi Mumbai and North Bengaluru. Launches in the range of Rs.16000 to Rs.19000 per sq. from reputed developers in Central Mumbai have also seen good off-take . This area has seen a lot of consumption because of the increase in prices for projects that were launched in 2010 ? 2011 and the ones who missed the boat last year didn?t want to leave out this time around.?
As Knight Frank representatives point out, the silver lining for all those who missed the boat, both developers and consumers, is that ?2013 will start a fresh beginning. In a country that has an acute housing shortage there will always be takers provided the offering is enticing? .
http://m.economictimes.com/markets/real-estate/realty-trends/2013-a-fresh-beginning-with-hopes-for-policy-reform-and-better-sentiment-in-real-estate-sector/articleshow/17992736.cms
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