Two Thousand Seventeen has been a flurry of turnarounds for the property market of India. The implementation of new currency denomination and the implication of Goods and Services Tax had sent the economy for a ride but the same things are going to play important roles in constituting some major changes in 2018.
We noticed some ongoing trends in 2017 that are being sought to continue all year long into 2018 and these trends can be of great value if you are going to make a property decision anytime soon. So, make note of these things to get shot off a great new year for yourself!
Amidst the descent of property sales in all major cities in India that brought the substantial decline of 18 percent in the country, a hidden trend made its way to the front – affordable houses. There was a significant rise in the number of houses sold in the below 25 lakh bracket that allowed sales to improve in cities like Gurugram and Mumbai. This trend is backed by strong buyers that will look to purchase new houses in these cities and we can assume that new properties will come up that will offer affordable housing. In Mumbai however, prices sailed over the 1 Crore margin.
Hence, you can be on the lookout for such properties.
A general trend as seen throughout in 2016 in all major residential projects was the shrinkage in apartment size without greatly altering the overall configuration of the apartment.
Therefore, buyers were able to choose a home that was a bit less costly without giving up on 2BHK design but with 20 to 30 percent smaller covered space. This trend is expected to continue into 2k18 and we will see more projects that will have little apartments offered at a compromised price.
The trend will help keep the property prices stable for the developers, allowing more investments into their big commercial projects. This is some useful news for the general public as well.
In the cut-throat competition of real estate markets, it may sound obvious that new projects won’t offer so many amenities as we are used to getting in everyday life for the sake of lower prices. But the same is not true in reality.
Developers are focusing on providing as many facilities as possible in their new projects and the same trend is only expected to rise. New acquisitions will come with all the luxuries necessary for subsistence such as gas connection, round the clock water supply and many added things such as dedicated parking lots.
On a whole, it can be said that after the recent bashes of government policies and new development projects, the real estate scenario is expected to improve a lot in the coming year. It is also expected that India will see its first REIT setup in the second quarter of 2018 which will change things around for a lot of major cities. Right now, Mumbai, Pune, Bangalore are the primary hubs of redevelopment with some great promises for investors and buyers alike.
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