The news of a slowdown in sales in the real estate sector has been doing rounds for quite some time now. If you are among those who keep a track of what’s happening in the real estate segment, you have probably come across plenty of news and articles by now that support this narrative. Even many market experts came up with similar views regarding the real estate segment. But, the real question is, is that really so? What about the major projects coming up all across the city? You must have encountered quite a few advertisements by now about the swanky and stylish real estate projects coming up every few days. Is the real estate sector really in a terrible state? Let us find out the truth.
A Super Scare
Demonetization was definitely a major economic decision that sucked out 85 % of the liquid money from the market. We all know the impact it had on the entire economy and how investments dried up real fast. Well, that is the case for almost every segment and not just the real estate sector. The reason why the real estate sector received much attention is that it was quite literally booming at that time and a shortage of investment meant that major projects hit a large hurdle that was not easy to overcome. To top it all, the investors were apprehensive about investing any further without being able to understand what the next major economic decision of the government is going to be. The implementation of GST was also being talked about and there was much confusion. However, all that was mostly hyped, as it is evident from the current scenario.
A Changing Picture
Change is the only thing that remains constant. Well, there can’t be any more apt way of describing how the real estate market reacted to the demonetization followed by GST implementation. Anyone who really understands the real estate market will say that there has been a significant shift in the focus of the major real estate players all across the nation. To counter the economic scare the major real estate developers have successfully shifted towards development of affordable residential projects. There have been major projects coming up in the outskirts of the metro cities that are not just attractive but also extremely affordable.
Demonetization and GST implementation collectively resulted in an economy that suddenly gave way to an opportunity to address the middle income group. The housing loan rates have come down considerably making it easier and more affordable for the middle income section of the society to opt for their dream home. In a country like India, where the middle income segment is the largest among all the consumer groups, this resulted in opening up of new opportunities for the real estate developers. Nowadays, residential projects in Salt Lake, Rajarhat, Behala, Pailan, Batanagar, and Maheshtala and in various other parts of the city are available for the budget buyers. Today, a lot of real estate developers are moving towards the development of the budget residential apartments and from the results till now, this step is definitely going to benefit everyone.
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