Year 2020 comes with hope of positive changes in India’s real estate sector. There are various reasons for these changes which the home buyers can expect in major property markets in India.
In the slow market the price responsiveness was not seen in 2019, though in some marginal corrections were seen. Data shows that property value appreciated by 40% in Hyderabad in last Five years. The upward movement may persist in cities like Hyderabad, Bangalore and Mumbai. The price movement has not been so sharp in two and three tier cities in Delhi NCR. The home-buyers may see some corrections in Delhi NCR in 2020.This may be due to certain positive steps taken by Central and State Govt. to protect home buyers as well as imposing some stricter controls on builders through RERA (Real Estate Regulatory Authority).
Due to merger of banks, the total number banks are set to reduce remarkably. Only the big banks will survive and entry of more number of non-banking financiers for catering to home-buyers a good reason for home buyers to believe housing finance could become more affordable in 2020.
As a positive effect of implementing RERA, builders are now speeding up to complete their projects in hand, however the launch of new project plans have taken the backseat. If liquidity was an issue, genuine builders would find help from the government through its Rs 25,000 crore alternative asset fund. Therefore, in 2020 large numbers of housing units are expected to be handed over to home-buyers in 2020.
Some of the major project defaulters will be handed over to the state-run NBCC through Supreme Court order. This will bring relief to thousand of troubled home-buyers.
As real estate authorities in states through their pro-buyer stance transform the market into a more consumer- centric one, buyer sentiments are set to get a boost in 2020. This would trigger fresh activity and owing to this, sales numbers might improve. Those willing to make a move in this market would certainly reap the benefits of low interest rates and high ready-to-move in housing stock.
KW Group's Anthem.