In the last few years, the real estate industry has gone through a lot of challenges and opportunities. The Union government in India has implemented major policies and rule from demonetization, Real Estate Regulation Act and REITs in 2016, to the GST in 2017 that affected the industry effectively. The real estate is going through various massive changes. Lately, with the budget 2019 and other recent transformations in the economy, the legal field has brought numerous changes in positive as well as negative ways.
All these newly introduced regulations positive have brought some impact. The RERA brings uniformity into the industry, it also protects people’s rights. Besides, GST has also introduced different positive shifts in the industry.
- Digitalization
In this modern age, there is not a single industry where the internet and digitalization have not made their impact. When it comes to the role of digitalization in real estate, although it is almost impossible to sell property or land online. But by using different digital mediums, markets manipulate the minds of the prospective buyers.
Today, the power of internet and digital media is unquestionable; this modern technology holds the solution to every problem that can arise in the industry. Although digitalization is not evolved in Indian real estate as much as it is in developed countries, then it is becoming famous as a lot of brokers are assisting the people through online platforms and tools.
- FDI
Real estate plays a major role in the development of any country. Present-day, real estate is considered one of the most fluctuating industries in the country. India is the fastest-growing economy into the world; its tremendous growth provides great opportunities to foreign investors. Most of the policies that are applied by the government are to essentially maintain the surplus-deficit situations of the country.
A lot of investors invest in property as it yields wonderful results. The investors who buy the properties, they mostly resell it in the future when the prices go high. The real estate industry of India is yielding a huge amount of FDI, and in the recent future, it will go higher.
- Recent Collaborations
In the recent past, many buyers have collaborated with the government organizations to ensure the minimization and mitigation of the risks, which may arise because of the schemes.
These collaborations help both parties to have a fair chance to make the industry to be economical. Now, the government takes steps to bring development in urban real estate and infrastructure.
- Sustainable Housing
These days, Sustainable Housing has become the motto for many countries, but in practice, this concept is very limited. Many real estate agents and builders are working to created buildings with sustainable infrastructure and also follow the concept of green housing and better management of resources and water.
The overview of India’s real industry in 2019 and the future in 2020, the real estate in India will flourish greatly. The recent innovations and changes will take the industry on a better stage.
