Mumbai Realty Sector To See Massive Positive Change In 2016

The year 2015 was an eventful year for the real estate sector in Mumbai. Many new guidelines were issued by the government for the sector, which, hopefully, the industry players feel should come into the force in 2016. One of the major announcements by the government is “Housing for all in 2022” among the other major initiatives like smart cities, relaxed FDI norms, affordable housing, State Regulatory Bill, etc. Experts are of the view that these plans when implemented will propel growth in the realty sector. FDI in real estate is expected to provide a significant boost to the sector in terms of greater foreign capital inflows. The other projects will now get a boost by the substantial participation by the foreign investors. This move would create more job opportunities.

The real estate industry outlook is looking increasingly positive based on improving macro-economic fundamentals. There is stable inflationary policy and over the long term this will continue to benefit asset prices; unemployment figures continue their downward trend in most major markets leading to an increase in demand for real estate. Furthermore, commodity prices that affect consumers and the real estate market are lower relative to recent years and look unlikely to rise significantly in the foreseeable future.

The government has initiated a number of policies which when implemented should hopefully see the sector come out of its slumber and attract huge investments into the sector going forward. If the development plan 2034 is passed this year, it could well be a game changer for the Mumbai real estate market. The city is in dire need for a realistic plan. It would be a roadmap for the city’s growth and development. Apart from the above the industry has been asking government to grant industry status and single window clearance.

Due to these initiatives there would be faster clearance procedures and quick approvals would largely reduce the handover time and increase customer satisfaction level. “Housing for all by 2022” scheme, the government along with private developers will have to work in tandem, based on the PPP model if we are to see maximum number of people housed within the given time frame. The State Regulatory Bill is another major policy initiated which will help bring in more transparency into the sector. Also, the ‘Make in India’ and ‘Digital Media’ campaigns launched by the government will give a tremendous boost to the commerce property space.

The year 2016 is also expected to see a trend of developers majorly catering to the mid and lowers housing segments as prices are expected to stabilize given the policies initiated by government in “Housing all Indians by 2022”. But at the same time, property developers believe that there will be an increased demand for luxury housing as income levels continue to rise coupled with high aspirations of home buyers. Developers focus should be on affordable housing which has potential to give the much needed thrust to the entire realty sector. Senior citizen housing is also another segment that has huge potential to develop in our country. We believe that the coming year 2016 will be the year if “Affordable Housing in India” and hopefully should fulfil the dreams of millions of home buyers across the country.

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