Analyses of 2017’s real estate statistics presented a surprising fact. In the first half of 2017, the top seven real estate Indian markets in India received an investment of more than Rs 13,500 crore out of Rs 16,008 crore. According to analysts from Arun Dev Builders, the Delhi NCR realty market made it to the top of the list with over Rs 5,800 crore worth investments in their pocket. Mumbai followed Delhi’s example and made over Rs 3,100 crore in investments. Hyderabad was last in the list with Rs 300 crore. The total investment of 16,000 crore is higher than any other previous investments. For the first half of 2007, this amount was Rs 13,067 crore.
Despite Delhi’s severely affected real estate market, it managed to outperform its competitors. Delhi bagged 42.92% of the deal, thanks to RERA’s transparency policies and the shift in the investment climate as demonetization brought down the real estate prices. Compared to the previous half-yearly statistics, it was a record high for Delhi’s realty market. Bengaluru also experienced a similar positive change.
People wonder, how did RERA exactly lower the real estate prices? Analysts from Arun Dev Builders reckon it’s partly due to the elimination of bogus, defaulting and non-delivering real estate companies that brought in a lot of competition for their bigger and stronger competitors.
RERA emphasized on ready-to-move apartments mostly, which gave developers a helping hand. In turn, the developers had the numbers, which brought down the price. More than 60% of the new homes launched in the first half of 207 were for the middle-income category and affordable. Indian Governments drive to provide ‘Housing for All’ was also an important factor in this movement as a huge gap was discovered in the Indian housing scene. According to Arun Dev Builders, 96% of the housing will be required for lower income groups and economically weaker section. Thankfully, the high real estate investment pushes the Indian housing dream towards completion.