Implementation of RERA to drive realty sector
Implementation of the Real E s t at e ( Re g u l at i o n a n d Development) Rules (RERA), a strong office market indicative of a robust employment scenario and lowered interest rates are likely to support the housing market in the coming months, says a report by Colliers International India.
With RERA now notified by t he Union gover nment, customers’ confidence on the delivery and possession of housing projects is improving. After further clarity on a few important aspects, RERA should drive real estate demand in 2017, the report says.
The market has definitely picked up, with comparatively good pre-festive buying overall, and has been good for Mumbai, Bengaluru and some other popular tier II cities.
Riding on positive sentiments, builders have recently launched new projects, and new phases at existing projects, says Sumit Jain, national director, Residential Services at Colliers International India.
The residential market in the western cities of the country bounced back and recorded maximum number of launches in Mumbai (28%) and Pune (23%), in terms of total units launched in the third quarter 2016, respectively.
These cities were followed by Bengaluru (17%), Noida (16%), Chennai ( 9%) and Gurgaon (7%). After almost three quarters, the NCR residential market witnessed several new launches this quarter in the wake of the festive season.
Gurgaon’s residential market witnessed only a few new launches in the mid- end segment.
I n view of t he reduced demand, the Haryana city has witnessed the launch of about 1,700 new units this quarter, taking the total to a little over 3,280 units. The Noida residential market showed early signs of revival with approximately 4,000 new unit launches in the third quarter of 2016.
Most of these housing projects were launched in the newly developing sectors along Noida Expressway and Greater Noida.