Mar 18, 2019

Current Scenario of Real Estate 2019

Searching for a home and calling it his/her own is what every potential home buyer dreams about. We all know that home is a place where you stay and make cherished memories. It is the place where you shelter your love and embrace your emotions. A home is an emotion where every corner is utilised and you always discover every single moment to cherish your life. To make this amazing journey of life joyful and eventful, all you require is a good home.  However, before this, you need to know about the present scenario of the real estate market and then accordingly connect the best builder who will help you find the perfect home. Say, for example, you are looking for an upcoming residential project in Kolkata. Then, in that case, you need to collect information about the present development of the real estate market and move forward accordingly.

Real Estate 2019 Prediction

The prediction since last year about the 2019 real estate scenario highlights the demand for both mid-segment and affordable housing. It has been predicted that it will be one of the biggest growth in the real estate sector. Some have a notion that the luxury market might get back again while others think that the infrastructure may get a strong focus.

With the end of 2018, a lot of assumptions were made based on the scenario of the real estate sector.  According to the property consultants, the last 2 quarters of the financial year (FY 18-19) has seen robust demand for real estate investment, especially the mid-segment or affordable housing projects. Of course, the luxury projects were in demand as well, but going forward, the affordable units will drive sales over other categories. It has been predicted that this similar trend will be seen in the New Year as well.  

Know What Consultants and Sources Say

As expected by the consultants and developers there might be somewhat subdued sales in the first part of 2019, because of the liquidity crisis and upcoming elections. There will be government intervention and also a suggestion to deduct the GST rate on the under-construction flats, which will lead in spurring the sale growth in the second half. In fact, the Nation President of CREDAI, Jaxay Shah stated that there might be a period of continuous growth in the Indian real estate sector. 

According to different sources, the pan-India average property prices saw approximately 1-2 % rise across the 7 major cities (Kolkata, Delhi-NCR, Bengaluru, Mumbai, Hyderabad, Chennai and Pune). With the sales number rising in the last couple of years, especially 2018, there has been a definite improvement in the realty sector and more to come in the current year (2019). As discussed above, the affordable housing will continue to be amongst the biggest sales driver in 2019 as well, thus, drawing developers’ interest.

Niranjan Hiranandani, the founder-chairman of Hiranandani Group and President of National Real Estate Development Council stated that in the coming three years, affordable housing will take a lead in the race and shall maintain the same. 

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