Post Demonetization, Sales of Property in India Defied Doomsayers Predictions

From January to March of this year, homebuyers bought property in India undeterred by the lingering effects of demonetization. The data collected from the top eight real estate markets in the country indicates that home buyers overruled conventional wisdom and anecdotal data which implied that, post demonetization, real estate sales would fall drastically in the subsequent quarter.  

Data collected by one of the leading real estate rating and research agencies reveals that, the sales of primary residential real estate in the country, increased by twenty one percent over the quarter before last during the first quarter of 2017. 

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 Real Estate Markets that Led the Way 

With growth in housing sales of 47 percent, 43 percent, and 30 thirty percent, Kolkata, Hyderabad, and Ahmedabad respectively, led the way in real estate sales during January to March of this year. Across India, in the top eight real estate markets in the country, approximately 61,200 new units were sold in the primary market between January to March of this year while approximately 50,700 units were sold in the primary market during the final quarter of last year in the same realty markets.  

While real estate sales during the first calendar of this year were more robust when compared with realty sales during the final quarter of 2016, year on year, housing sales during January to March of 2017 were 5 percent lower than sales during the same quarter last year. Expert commentators on numerous property sites have stated that low housing sales numbers in Bangalore and Chennai led to a lower year on year growth rate during the first quarter of this year as compared to the same period last year.  

How Large Individual Cities Stacked up 

Unsurprisingly to most industry watchers who have been keeping track of home sales in the primary market, the National Capital Region, with 14,983 units sold during the first quarter of 2017, led the way with the largest number of houses sold in India. The Mumbai Metropolitan Region was a close second to the NCR and where 14,505 housing units were sold in the first quarter of this year. Home sales in NCR and MMR grew by 24.5 percent and 23.6 percent respectively when compared with sales during the final quarter of last year.  

Home sales, in Bangalore and Chennai, fell by 35 percent and 44 percent respectively when compared to sales in the primary market in the two cities during the final quarter of last year. According to this real estate site, among the largest eight cities in India, Bangalore and Chennai fared the worst in the first three months of this year.  

Real estate in India

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What you need to know before buying a property in India?

As a constantly developing nation, India has been in focus since quite some time now. The reason behind this attention is the growing need of real estate developers who are getting impatient these days with a regularly fluctuating market. Real estate in India is not just about sprawling property sites and high-rise buildings; it is an entire project that is going to transform the whole concept of buying property in the country. That’s the reason, which is giving an edge to the global investors who are eyeing to buy more property in India than they currently have. This sudden rise in demand has also given birth to the notion that property business in this country needs to be completely evolved and always on the forefront of fine detailing.

If you’re a first time buyer then it is important to understand current trends before making your move in the real estate industry. In order to understand the concept more clearly, here are a few suggestions to keep you out of an unsatisfying deal-

·       Think before you buy

This mantra has been in the industry ever since it came into existence. Being a tricky business that it is, real estate needs to be handled carefully with a thorough research before investing a huge chunk of money in it. Moreover, it is always safe to first know about the location and its pricing structure and then compare it to the other options available these days. This step can also be done with the help real estate websites in India that always come handy during the time of evaluating any particular project. Hence, it is advisable to make your decisions based on the present understanding of the market.

·       Know when to buy

Real estate business of India is all about appropriate timing. Before knowing the type of project that you are going to invest in, it is necessary to evaluate the timing of your next purchase. It is because of the fact that real estate keeps stumbling due to unstable property rates and trends that are highly unpredictable. Therefore, in order to avoid any kind of bad luck with a property, one should always go through a list of options available according to market’s performance.

·       Important to calculate future profits

Before investing in a piece of property, it is important to make sure that you are betting money on a lucrative option. However, it is not always easy to ensure that the property is money-making and in these types of situations one could only depend upon what market trends are suggesting. After exploring various options, a buyer is able to comprehend and make profitable decisions. Thus, apart from selecting a suitable property , a buyer’s role is more demanding in terms of estimating future risks and profits associated with it.

Real estate industry comes with its own possibilities of an unsteady market that could react in any manner. This situation is not only scary for buyers but also for developers who are investing all of their money in the construction of a new building. Apart from understanding this market, one should also look deep into the repercussions that it showcases in near future. However, given the present condition of the market and tons of initiatives being introduced by the government, the future of realty business definitely looks interesting.