The above theme is need of the hour in the present context where there are innumerable prejudices in the market about the real estate industry in India before the advent of the 2016 year . There are myriad problems that are confronting the real estate sector in the contemporary situation.
The real estate sector gained the steam after the integration of Indian economy with global economy by bringing the international companies which are having lot of experience to our fore front balance of payment crisis and to liberalized the economy for growth and development. The Globalization espouses the concept of URBANIZATION and SMART CITIES for the rapid development of the country and to fulfill the purchasing of houses for this accumulating population in this cities REAL ESTATE sector is playing a pivotal role in the arena. In this backdrop the 2016 year is need to be deciphered and also noteworthy to enunciate in the present context because the two important acts of Government of India intended to this sector and one among them is RERA(REAL ESTATE REGULATION AND DEVELOPMENT) 2016,ACT and another one is DEMONETIZATION.
The advent of RERA act in the REAL ESTATE sector is to bring transparency in this sector, choke off the illegal methods, streamlining the process from end to end user, investing huge amounts of illegal money through round tripping, curtail the Benami transaction accounts, break of the middle men, online registration etc are the long term measures to bring the positive euphoria in the market and it naturally brushed off the misconceptions that was persisted in this sector.
The DEMONETIZATION, that was initiated by the Government of India on 8th November 2016 gave a big shock to real estate sector and the ripples of this effect is viewed in every nook and cranny of the country . The population of India is ramping up day-to-day in the present society and every body is migrating to urban areas for lively hood and in tandem with this government is also promoting the concept of SMART CITIES for rapid development. This conception among the people is persuading them to opt towards real estate sector because constructing a house is hectic process and it needs lot of permissions, material costs etc and in order to avoid this rigmarole process it is best to purchase a FLAT in the apartment which is vicinity to us. These naturally fascinated lot of corporate companies to park their heavy investment in this sector to earn the lump sum profits.
The speculation in the Indian real estate sector before the DEMONETIZATION is in boom and due to that there are exorbitant prices in the market . Due to this speculation phenomenon the middle class and marginal people in the society scare to ponder about this one. The real estate sector in 2018 is making a headway in the economy due to the various factors that are prompting to this and there are various factors that propel the growth and development in this sector that was proposed by the union budget 2018 such as giving industry status to this sector, affording loans etc are well calibrated and intended to derive the growth and development.
The Real estate sector in 2018 is having conducive environment for further growth and development in the country and this will intends to provide houses at affordable prices.