In real estate residential segment, affordable housing is anticipated to take the lead in 2019. The infrastructure status and various tax incentives is expected to attract more prominent developers. Also, residential property developers are looking forward for more support from the government in terms of policies and benefits to boost project development.
Back to 2018, in the residential segment, three trends emerged:
First, demand for homes in the ready-to-move segment for end-users has gained considerable pace, observes Joe Verghese, Managing Director, Colliers International India.
Secondly, low-cost and mid-segment housing dominated, with 75 per cent of unit launches costing under Rs 80 lakh, says Anuj Puri, Chairman, Anarock Property Consultants.
Thirdly, states where RERA has been well implemented, such as Maharashtra, saw a resurgence in buyer confidence, and hence, end-user demand, says Puri.
"Consumer confidence in Maharashtra has come not only with the availability of information through the RERA mechanism but also with the quick pace of judgements on grievances," observes Arvind Nandan, Executive Director, Research, Knight Frank India.
All said and done, since residential unit prices have been stable over the last 12-18 months and easy finance schemes and a variety of ready possession units are available, Nandan expects residential unit sale volumes in the current year to exceed sales in the preceding year for the first time since 2010.