As you all know by now that various factors such as RERA, Demonetisation and GST have impacted the Realty prices in our country. This has led to a bit of a deviation in the affordable housing situation.
It can be said without any doubt that the houses and different prices of properties were relatively lower before the 16th of November and now with the implementation of these new factors, the price options have changed.
With RERA and GST claiming their reign in the real estate world the developers have an added pressure of completing the projects that were delayed till now. The investors are also helping a lot for the completion of these Grade-A residential projects that were previously under-construction. With these new trends that market is said to become more stable and there will be a great revival of the industry.
The most affected areas by the implementation of these new trends are certainly the metro cities of the country.
Mumbai, for example, has been affected by the demonetisation trend and as a result, the residential market has been deeply affected. Also, the supposed gap between the expectations of sellers and buyers has widened. The market in Mumbai is supposed to remain slow for now but there can be some activity later on.
Pune too has a slow property market nowadays due to the effects of the latest trends. However, some hope can be seen in the future in 2017 as developers will launch projects that are affordable.
Moving along South, Chennai has also experienced the effect of GST, RERA, and Demonetisation as the market is subdued in the area.
Real estate markets of other areas such as Delhi, Kolkata, and Bengaluru have been relatively stable when compared to other cities. These rates will continue to be stable, however, some improvement can be expected in the near future.