Nation’s real estate sector has gradually recovered after the Corona epidemic. In spite of the global developments, the realty sector absorbed the shock and regained its foothold in the market. Of course, the Indian investors have bitter and sweet experiences with the real estate. The frauds in the sector and the popular feeling among the people that it is the domain of the rich have impacted the sector. In this backdrop, the legislations like the RERA have been introduced to check frauds.
After the corona, the real sector has been greatly affected. The BSE Realty Index has predicted 7.8 percent returns per annum in the last five years and 6.7 percent in the last ten years. However, in contrast it has returned 12.1 per cent in the last five years and 12.5 per cent in the last ten years. In this background, there are signs that the real sector has a bright future.
The huge increase in house bookings in the last financial year seems to be the beginning of better times to come. Rising average household income, low interest rates, and easy access to home loans have made buying a home a very easy affair for Indians. Besides, tax benefits of up to Rs 2 lakh on home loans and concession of up to Rs 2.67 lakh under PMAY have made people shift towards real estate. It has been systematically strengthened after the implementation of GST and RERA Act. According to the ANARAC report, in the real sector, the number of real estate developers has decreased by 60 percent compared to the past, while the share of branded developers in the increasing supply has increased by more than 50 percent. As a result frauds have reduced to a great extent.
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