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What's In Store For Real Estate Sector In 2018?Supported by a slew of overarching regulatory reforms, large-scale affordable housing schemes, home finance subsidies and low-interest rate regime, the real estate sector in India is all geared up to take the challenges in stride and come back on track in 2018.
This Is What You Should Expect From Real Estate SectPraveen Jain, president, National Real Estate Development Council (NAREDCO) & CMD Tulip , shares the major developments in the real estate sector in 2016 and their ongoing and future impact on the market.
What Did 2017 Mean For Real Estate Developers, BrokeThe year 2017 has been a roller-coaster ride for all the stakeholders of the real estate sector. After the Narendra Modi-led government announced demonetisation in November 2016, the industry was trying to recover from the setback it caused. However, introduction of new laws such as the Real Estate (Regulation & Development) Act, 2016, and the Goods and Services Tax further slowed the pace of property sales across the country. Even cheaper home loans did not encourage homebuyers to invest. However, in the end, all the newly introduced reforms did discipline the players in the sector with stringent rules and penalties for violations. Industry experts believe that 2018 would be a year that will witness sales picking up.
RBI’s Tweaking Of Lending Norms Makes Affordable HouThe affordable housing segment will get a boost with the Reserve Bank of India on June 6 raising the loan limits under priority sector lending. The RBI has decided to revise the housing loan limits for PSL eligibility from Rs 28 lakh to Rs 35 lakh in metropolitan centres and from Rs 20 lakh to Rs 25 lakh in other centres.
DDA To Now Launch Housing Scheme 2018 In DecemberThe Delhi Development Authority, which was to launch the Housing Scheme 2018 in June, has now delayed it to December. Under the new scheme, the housing authority will offer fresh units instead of the surrendered counterparts as it did in previous schemes. However, of the 21,000 flats on offer, according to the DDA spokerperson, some are not complete.