Real Estate Market Forecast for 2013-2014
While 2012 was quite an eventful year for Real Estate market in India, for both customers and companies – the relentless rise in realty prices, land acquisition controversies, and the epic Noida Extension court judgment mixed with various proposals for regulatory reforms; made 2012 quite an interesting mix.
Based on experiences of 2012, the developers have consciously reinvented themselves, by launching new projects, which would appeal to customers in the current economic environment and sentiments. If you have been planning to buy a house, but were not sure of the market, this might be the best time to take that leap. Here’s what the Real estate sector can look forward to the following in 2013:
“The top priority for most realty companies will be to reduce debt, which could mean deep discounting opportunities for buyers. The Real Estate Regulatory Bill, which seeks to bring transparency, should encourage buyers,” says DTZ’s Nangpal. “All indicators suggest correction in the market. However, a price correction may not happen soon.”
Land Acquisition and Real Estate Regulation Bills are expected to be passed during the year, while there is a likelihood of Reserve Bank bringing down the interest rates
“The passage of FDI in multi-brand retail by the government shows its seriousness on introducing reforms. RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers. This will boost the sentiments,” Knight Frank India chairman Pranab Datta said.
Residential prices, which have been increasing over the past few years are likely to witness subdued growth in most markets in a short to medium term till the pressures of unsold inventory are eased out, CBRE chairman and managing director Anshuman Magazine said.
Land Acquisition and Real Estate Regulation Bills are expected to be passed during the year, while there is a likelihood of Reserve Bank bringing down the interest rates
“The passage of FDI in multi-brand retail by the government shows its seriousness on introducing reforms. RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers. This will boost the sentiments,” Knight Frank India chairman Pranab Datta said.
Residential prices, which have been increasing over the past few years are likely to witness subdued growth in most markets in a short to medium term till the pressures of unsold inventory are eased out, CBRE chairman and managing director Anshuman Magazine said.
Finance Minister P Chidambaram had recently asked the developers to sell their unsold inventory at a lower price.
“Besides, infrastructure initiatives such as Greater Noida metro rail network re likely to have a positive impact on the residential market of these cities.
“Besides, infrastructure initiatives such as Greater Noida metro rail network re likely to have a positive impact on the residential market of these cities.
FDI in multi-brand retail will also boost the demand for commercial real estate. Since the policy opens the portals to major MNC retail brands in India, the organised retail sector will see a major transformation in terms of its overall contribution in the mid-term.
NRI investors too, are increasingly looking at India as an investment opportunity, given the scale of growth that exists and that fact that we are gradually moving from being an emerging economy, to an already emerged one. The depreciation in our currency, compared with the greenback will continue to attract these NRI investors, whom we call the New Affluents. – Tata Housing
NRI investors too, are increasingly looking at India as an investment opportunity, given the scale of growth that exists and that fact that we are gradually moving from being an emerging economy, to an already emerged one. The depreciation in our currency, compared with the greenback will continue to attract these NRI investors, whom we call the New Affluents. – Tata Housing
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