Indian real estate sector needs better policies from the government in order to see growth in demand. Review of latest steps taken by Indian government by Anuj Puri, Chairman – ANAROCK Property Consultants...
The government’s recent decision to revoke Article 370 and Article 35(A) is expected to have a positive impact on Jammu & Kashmir’s overall real estate market, which has been quite dismal so far. Property prices in Srinagar, for instance, still hover between INR 2,200 - 4,000 per sq. ft. – significantly low for tier 2 & 3 cities in the country.
On the one hand, locals will finally see an increase in the value of their properties. On the other, the really exciting prospect is the opening up of opportunities for Indians from outside J&K to finally invest in immovable property here. In fact, in his recent address to the nation, the Prime Minister categorically invited various industries - including Bollywood - to make investments across the entire region.
The RERA Effect on Indian Real Estate Sector: Review by Anuj Puri, Chairman - ANAROCK Property Consultants.
It was not the magic wand it was hoped to be. However, over the past two years, the Real Estate Regulatory Act (RERA) has brought more sanity - and the return of consumer power - than seemed possible in such a short time. The real estate sector is still struggling with it and the Act is very much work-in-progress in many states, but RERA nevertheless hangs like a sword of Damocles over a previously unregulated industry. Eventual compliance across the board seems inevitable.
According to the latest readings on the Ministry of Housing and Urban Affairs (MoUHA) website: