But considering that the success of the government's two flagship programmes — "Make in India" and "100 Smart Cities" — depend on the land bill, it is working hard to achieve a consensus by balancing the interests of farmers and industry. And in view of the the strong will demonstrated by the government, the bill is expected to be passed in the joint session of parliament which will prove to be a game changer for the real estate sector.

All these reforms and policy initiatives which bode well for the real estate sector have already created a positive sentiment. Though residential sector is still under strain and may take few more quarters to recover, the commercial office segment has already shown the signs of turnaround with deals worth $1.84 billion in 2014 and 33 million square feet of Grade A office space across seven top cities getting absorbed, registering 11 per cent year-on-year growth.

As for retail, Colliers International in its report has stated that retail markets in India along with China will register greatest growth in 2015. And in the backdrop of stabilising property prices, HDFC in its report has said that affordability of home buyers is rising. Another positive indication has come from Nielson's Global Consumer Confidence Index Survey which shows that in the first quarter of 2015, India leads in consumer index with a score of 130.

Considering all this, the prevailing crisis may prove to be a blessing in disguise. As a number of reforms and policy initiatives of the government fructify in the months ahead, real estate will emerge more regulated and much stronger and sustainable.

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