What is in Store for India's Realty Market in 2013?
Bangalore: The real estate market of the country is expected to pick up in 2013. According to a report released by property consultant, Knight Frank India, the realty market will improve due to the change in policy and regulatory environment, which is likely to create a positive impact on the sector, reports Arundhati Ramanathan of Live Mint.
The coming year 2013 may change the face for real estate sector if Parliament passes regulation and land acquisition bill, which is expected to enhance the market sentiment. Also, the demand for commercial real estate segment will increase with the approval of foreign investments in multi brand retail in India, said Knight Frank.
However, this year, the real estate market witnessed slow home sales and increase cost of construction and interest rates, which in-turn have brought disappointment among both developers and end-users.
Recently, the property consultant released a report where 25 topnotch real estate companies of India have observed 4 percent decline in cumulative revenues, which is 67.44 billion in the second quarter that ended September 30.
According to the report, home buyers have preferred projects that offered innovative amenities compared to basic facilities, at a good price. In housing segment, projects that are well accepted among potential home buyers were projects that priced between 4000 and 5500 per square feet. The demand for such projects were mainly came from places like Navi Mumbai, Noida and North Bangalore. In central Mumbai, projects of prominent developers that priced between 16000 and 19000 per square feet, witnessed healthy demand.