Indian home buyers have traditionally been at a disadvantage in the property market. Despite the fact that three in ten property projects are said to face some kind of construction delay, buyers who had to buy into under-construction projects because of budget constraints had little recourse if the project stalled.
2017 was a bad year for Indian realty. Launches dulled as the industry reeled under the impact of demonetisation and the newly introduced Real Estate (Regulation and Development) Act (RERA) and Goods and Service Tax (GST).
Dr Samantak Das, Chief Economist and National Director-Research, Knight Frank India, “At a broad level, sentiments of the stakeholders from the supply side have been upbeat, largely courtesy the gradual acceptance of structural reforms like RERA and GST taking shape.
As per the half yearly report on the India real estate by Knight Frank India, the housing prices in Mumbai declined by 5 per cent on a year-on-year basis in 2017. The fall, according to the report, is the biggest in the decade.