In today’s world, the real estate sector is the most dynamic and globally recognized. The business of property or real estate gives all the credit of its success to many factors. The regularly increasing population, the purchasing power of consumers, increased option for customers. Due to many factors, India is named as one the biggest real estate market. The real estate basically is divided into 4 sub-sectors categories.
Moreover, the two biggest reasons that are holding the real estate market is growth recession and high inflation. These two things are making the commercial and residential real estate prices low. Adding on to this Realtors are unable to curtail supply.
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When we talk about the Property in Delhi/ NCR region, then there are many spaces which are allotted to the real estate but are still unoccupied. The problem does not end here, there are still many projects that are left unfinished due to which the possession of the owner is not been given. If something of this sort happens, it reduces the value of real estate. According to a survey, in all the urban areas about 10-20% of the commercial land is unoccupied. After all these things, recently due to demonetization the real estate is hit by depression. 500 and 1000 rupees notes were widely used in the purchasing purpose. Therefore, demonetization has become a factor for the recession of property in Delhi/NCR.
According to the experts, the recent slowdown in property sales will have a short lifespan and things will improve as soon as the government cracks any whip. The actual benefits would start right after the government will give some prominent views and guidelines on the real estate business. There was a Real Estate Regulation and Development Act 2016, it was also known as RERA.
The RERA effect
This was a real boost for the Estate Business. The actual life of the Real Estate Business was due to the Black Money or the money which was illegally earned. People used this money to settle their accounts and make that black money into white. Big businessmen, used this money to buy the most property. All the above-mentioned factors put together point to the subdued beginning since 5 years. These all things have given a conclusion that India’s Real Estate market including Delhi/NCR has been fluctuating a lot. This is mostly due to the stressed economy of the country. Every early quarter of the year sees a great dip in the Property business. It has become a very tedious job to buy or sell property in the nation’s capital. Altogether we can say that it is really not doing business up to the mark.
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The reputation of the Indian Real Estate has always been very great, but past few years have gone in which this particular business is not doing justice to its name and reputation in India. But yes, this is not the long term, scenario. When the top profile people know that property is one place where they can utilize all of the money then they will find a way to get through this. The house loans have increased a lot. The recession in this business is the drop in GDP or negative growth of the GDP. The common man has seen the inflation in property rates, but still, there are officials who have given this will be standing up to its reputation. These days we cannot expect a rise in the business because of the glut in the market.The game of buying and selling the property is not that easy anymore. It has drastically changed in these recent time. We can simply say that the old game of buying and selling property is not remunerative anymore, moreover, it has taken a big chunk of demand from the market itself leaving the Realtors sweating cold.