Im­ple­men­ta­tion of RERA to drive realty sec­tor

HT Estates - - FRONT PAGE - HT Es­tates Cor­re­spon­dent

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.

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