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Year 2017 likely to be a trendsetter for real estate

Year 2017 likely to be a trendsetter for real estate

The Indian real estate market may become attractive at the onset of New Year. Happykeys takes a stock of developments and factors that will influence the real estate market this year.

As 2016 winds up, it’s time to review the developments that took place through the year. Undoubtedly, 2016 has been a remarkable year as far as India’s urban infrastructure is concerned. Hence, Indian real estate has many positives to look forward to.

Here is a report on how Indian real estate segment is expected to perform in 2017.

Demand Factors:

According to the Ministry of Statistics and Programme Implementation report the population rise in county is on a steady rise. With this rising population, there will be steep rise in housing demand also. The absorption of high number of housing units, itself depicts the picture of New Year that the occupancy rate is going to be high in 2017.

In a report by real estate consultancy firm JLL, in the last four quarters the property prices in Mumbai and Chennai improved by 3.7 per cent and 1.7 per cent respectively while the DELHI –NCR property market have remained stagnated. Market experts believe that this situation is anticipated to improve in New Year based on record of series of new launches and ease in property buying process due to government new laws and decisions.

Mr-Prashant-Tiwari-Chairman_Prateek-GroupAccording to Prashant Tiwari, Chairman Prateek Group, “The changes in real estate market have already started happening with measures like not increasing base rates, implementation of Real Estate (Regulation & Development) Act, relaxes in FDI norms and exemption of service tax on construction of affordable houses up to 60 square meters. Benami transaction act, infrastructural developments and many other proposals lying in pipeline will eventually take the realty market towards improvements and progressions in coming year. Therefore outlook for the next year 2017 is very much positive. We are optimistic that real estate sector will witness a changed environment with improved customer sentiments and enhanced growth“.

 

Mr.-Deepak-Kapoor-President-CREDAI-Western-U.P

Deepak Kapoor, President, CREDAI Western UP observes that, “There is growing positivity in the real estate sector that can now hope for a new phase of growth. The government has taken various steps to ensure that an atmosphere of growth and development is created for real estate sector. Moreover, the economic status of our country is also improving which will further boost the demand for properties. Considering the developments and changes which are taking place in the realty sector currently, property market is expected to much improve in 2017. “.

 

Mr-Akshay-Taneja-MD-TDI-Infratech-Ltd

According to Akshay Taneja, MD of TDI Infratech Ltd, “2017 will definitely be a good year for real estate sector. Year 2017 will help real estate sector in a big way as many positive changes have already taken place in the current year. These include reduction in interest rates, interest subsidy to home buyers, increased loan portfolios, increased and ease FDI in real estate & construction sector, implementation and introduction of real estate regulatory authority and GST bill etc. “.

 

 

Government Initiatives

A series of new decisions and laws promise to bring good days ahead to the Indian real estate market. The respective state governments has also taken several initiatives to encourage the developments in the real estate segment. Here is the list of some of the major government initiatives that will boost the morale and confidence of home buyers.

  • The Cabinet Committee on Economic Affairs (CCEA) has approved various measures to revive construction sector
  • The central government has brought Real Estate (RERA) act, 2016 on May 1, 2016, which is aimed at making necessary operational rules and protecting the interests of home buyers
  • New exit policy: With the enforcement of new exit policy, builders can complete their ongoing projects nearing completion and give possession of flats on time
  • Model Shop Establishment Act: The rule will give freedom to retail outlets to keep open 24×7. This act will promote investment in commercial sector. Investors can look in the commercial space as in the near future prices may go up
  • REIT rule relaxation for small investors.
real estate research-report

Happykeys Research Report: 4 most affordable areas in Noida

Noida and its adjacent areas have high supply of residential property. Happykeys team brings you the four top most affordable areas to buy residential property in this region. Read on.

Noida has undergone a slew of new infrastructure development in the last couple of years. The city has become one of the largest industrial cluster in India with respect to the establishment of IT industries and commercial sectors. The commercial set up in the city has played vital role in framing the success story of Noida.

The city has witnessed development on all fronts from civic infrastructure to smooth connectivity and is also seeing an increasing demand in the affordable housing segment. Here’s is a report by the Happykeys team that helps you choose the most suitable budget property  locality in Noida real estate market. This analysis is based on key factors as price, connectivity, location advantage, civic infrastructure, price appreciation, future prospects etc.

Here are the four top localities which have affordable property options:

Noida  – Sectors (49, 150-51, 118, 129,131,134, 144)

These sectors in Noida are surrounded by fully developed areas like sectors 10, 11, 12, 22, 18 and 62. These areas are well-mapped with good infrastructure and have been on the top list of home buyers.

These sectors are located next to NH- 24 which provides easy access to East Delhi and other major cities like Ghaziabad and Meerut. The arterial roads connect them well with other sectors in Noida, Greater Noida Expressway and South Delhi.

These sectors have abundance of new residential projects which are ready to move in properties or ongoing construction projects . Residential property in sector 49 is available at a price range of Rs 2,916 – 4,190 per sqft. The most affordable housing segment is sector 150 and 151 as the property available here is in the price range of Rs 2,600 – 4,000 per sqft  while sectors 118, 129,131,134, 144 offer residential property between Rs 3,300 – 4,500 per sqft. Proposed metro connectivity makes these locality lucrative for buyers.

Greater Noida West

Formerly called as Noida Extension, this area comes under the jurisdiction of Greater Noida Industrial Development Authority (GNIDA)

The locality offers easy accessibility with Noida, Greater Noida and Ghaziabad. Greater Noida West is one of the well planned residential cluster of Delhi-NCR region. The locality is well-mapped with commercial and retail spaces, shopping centers, educational institutions, health centers and mega township projects by prominent developers.

The area contributes major chunks of new launches and under-construction projects in Noida. It is the second most affordable locality after Yamuna Expressway. The property prices here range between Rs 2,500 – 3,800 per sqft.

Yamuna Expressway

Yamuna Expressway is six-lane, 165 km long expressway that came into limelight when it became operational in 2012. The area along the expressway has witnessed a lot of Urban Development carried out by YEIDA. It has become most vibrant real estate destination of Delhi-NCR region with good supply of low-cost residential options.

The YEIDA has recently launched new housing scheme which puts on offer mid-budget property options. It offers 280 flats with 200 smaller units and 80 bigger units. The smaller units are dedicated to low-income groups and will cost around Rs 11 lakh. The small ticket size flats are of sizes 29.76 meters while bigger units will have sizes of 54.75 meters and will costs Rs 19 lakh. These affordable apartments are constructed in Sector 22D of YEIDA.

The average property prices are low as compared to other realty segment of Noida due oversupply of open land plots in the area. For example, you can get a 1 BHK flat (625 sqft) at Rs 20 lakh and 2BHK (1,000 sq ft) at Rs 28 lakh. Get complete list of Yamuna Expressway property.

Greater Noida Expressway

The area along the Greater Noida Expressway has become one of the most sought after destination for home seekers. Buying and renting has been on boom, particularly in new sectors. Due to its easy accessibility to sector 18 market – the commercial hub of Noida, the housing projects in the area is in demand. The six-lane expressway connecting Delhi and Noida is site for many residential projects too. Average prices are reigning around Rs 3,800 – 6,000 per sqft.