Last five years were a period of great slum for the
residential real estate. Negativity was witness all over the industry. But the year
2016 gave a new twist to the slum and seems to have finally turned the corners.
The residential realty market of top cities in India registered 8% increase in
sales year-on-year during the April-June period compared with the 3% fall during
Jan-March period of 2016. The Sales during the fourth quarter of the year
2015-2016 was 51,500 units and rose to 55,550 during the first quarter of this
fiscal year. The growth was registered in nine major cities Mumbai, Pune,
Noida, Gurgaon, Bengaluru, Chennai, Hyderabad and Ahemdabad.
There are various
positive promoters of this effect for example the relaxation in interest rates,
little or zero increase in residential property prices and limited supply from
promoters etc. In Delhi however one of the strongest reason is the construction
of the first ever smart cities with wondrous smart projects like Revanta Shahneeram and many other.
With the new policy of DDA Smart City it is expected that real
estate sector will witness more growth in Delhi and bring a new dawn. With
stringent rules and regulations, transparency will come in realty sector of
India and this in turn will increase the foreign inflow capital. Prices have
been stagnant in the past few years and they are unlikely to fall down. The
realty sector contributes 10% to GDP every year and with the support of
projects like Revanta Shahneeram L zone the sector will get organized, and will further boom the economy.
