Property market to see boost

After witnessing a subdued demand in 2015 due to rising costs and sluggish pace of sales, the real estate sector hopes that reforms like simplification of taxes, GST, Make in India and Digital India initiative and Real Estate Bill will boost growth in real estate market.

“Due to reforms, investment in India has increa-sed and this will have a positive impact on the real estate,” said C. She-kar Reddy, former national president of Credai.

Mr Reddy feels the sector post 20 to 30 per cent growth compared to a general growth of 15-18 per cent in 2016 if the government works towards affordable housing for all sections of society.

So while the metros will surely witness growth in terms of realty, with Mumbai and Delhi-NCR becoming a little saturated, the increasing investment will be witnessed in cities like Bengaluru, Hyderabad Pune and other smaller towns and villages. “There is a lot of surplus money in small towns and there is a parallel economy growing in these areas, which could support property market,” he said.