NRI Alert: India property market ‘bottomed out'; good time to buy now
India Property Show opens in Dubai, over 150 developers participate
By Parag Deulgaonkar Emirates 24/7 News
Published Friday, June 03, 2016
The establishment of the Real Estate Regulatory Authority (Rera) in India will ensure on time delivery of projects and result in efficient and transparent dealings with developers, according to JLL, property consultancy.
“The setting up of the Rera will ensure more efficient and transparent dealings with developers and points towards consumers gaining trust and coming back to investing in the market,” Ashwinder Raj Singh, CEO – Residential Services, JLL India, said in a recent report.
The report said that affordable housing segment has witnessed increased traction on the peripheries of the major cities with 60 per cent of the total sales of the properties were priced below Rs5000 (Dh276) per square feet in Financial Year 2015-16.
JLL said that the real estate sector saw the worst phase in 2015-16 with sales and prices plummeting, with sales dropping 2.2 per cent compared to FY
It said that the real estate sector saw the worst phase in 2015-16 with sales and prices plummeting. The report, cites recent data, saying 1,58,211 units were sold in FY 2015-16 as against 1,61,875 units sold in FY 2014-15, a drop of 2.2 per cent. But, a positive twist was seen in first quarter 2016 as sales rose to 42,521 units compared with 39,001 units in Q4 2015, an increase of nine per cent.
“Trends are beginning to change basis expectations of a good monsoon, revival in the economy, reducing inflation and the fact that residential prices have bottomed out,” Singh said.
Developers taking part in the three-day India Property Show, which opened today (Thursday) at the Dubai World Trade Centre, were optimistic of closing deals.
Rajiv Jain, who is working for a Dubai-based bank, is looking to buy a property in South India.
“I have been searching the internet for a good deal for last couple of weeks, however, I wanted to meet developers or their representatives face-to-face to know about their developments. I am here to check out projects as I want to book an apartment in Chennai,” he added.
Priyanka Kumar, another resident, is not looking to buy any property right now, but visits the event to understand the dynamics of the Indian real estate market.
“The place has developers from all over India and working as a market researcher it is always good to meet these developers and understand their plans,” she said.
The exhibition has participating from over 150 developers and expects over 15,000 people to visit the event.
# Good time
R Srividya, General Manager- Corporate Sales & Brand Engagement, Indian Property Show, Sumansa Exhibitions, said: “This is a good time to invest in property as the market is expected to grow to a massive $102 billion in the next 10 years. Moreover, with the implementation of Real Estate Bill, investors now have greater assurance of the safety of their capital and this will help them make more informed decisions”.
“Investing in realty is no easy job, particularly for first-time buyers who have very little idea vis-à-vis rules, regulations and property laws among other related matters. This is where Indian Property Show provides them with the ideal setting to explore hundreds of real-estate possibilities and get free legal advice before zeroing on their choice as per their budget and needs,” she added.