For the past few years, the real estate sector had full eye witnesses for the use of Rs 500 and Rs 1000 notes that were used to purchase properties in black. But now, it has been nearly two months that the governments had banned these notes. This act of banning these notes struck the sector quite hard but with the growing time, is expected to soften. Therefore, when it gets softened, the buyers will feel more confidence and greater transparency in the coming months of the year 2017.
If analyzed now, the real sector of India will soon get over with the current slowdown in property sales as the Indian government is cracking down on the Benami property holders, banks are reducing interest rates and RERA 2016 is started to be implemented.
The prime beneficiary of such acts will be the buyers or the end users as they will be assured of timely project completion, presence of a dedicated governing body and complete info on the promised project and amenities.
These above said reasons when put together though marks the beginning of a subdued 2017 but as the customer of this sectors are in the wait and watch state, therefore, with gradual increasing of time and with a substantial lowering of home loan interest, things are likely to be improved in the coming month of this year.
Moreover, it has also been seen that the developers are trying to revoke the faith in the buyers by offering lucrative schemes. Such steps are further ensuring the rise of Indian real estate sector and a notable rise in importance towards ready-to-move-in properties or projects that are nearing the completion.