Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.
The Indian festive season, ushered in by Ganesh Chaturthi, has begun and investment decisions are being made. For homebuyers, this period is both auspicious and opportune to buy homes because real estate developers inevitably roll out attractive incentives - either in the form of price reductions, money-saving opportunities like waived stamp duty and registration charges, or 'white goods' like furnishing and household electronics - to attract genuine buyers.
The slacking economy and the slump in various sectors including automobiles, housing and MSMEs was a grave concern – not just for industry stakeholders but also for the government.
The 'golden years' of Indian residential real estate are well and truly over, at least in the short to mid-term. The sentiment of end-users as well as investors who previously banked heavily on residential real estate for maximum returns is seriously curtailed.
The National Housing Board's (NHB) recent directive to housing finance companies to refrain from giving loans under subvention schemes was not as crippling as was initially assumed. ANAROCK research reveals that out of the total 280 projects launched in the April-June quarter of 2019, only about 23 projects (or 8%) were marketed under subvention schemes. These 23 projects comprised of 7,620 units – about 11% of the total 69,000 units launched in the quarter.
As India embarks on another year of independence, the country's real estate sector has a lot to be grateful for, a lot to hope for - and still a lot to worry about.
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