Owning a home is a dream for every person but the huge cost involved in it makes it impossible for most people to turn it into reality. Being one of the most sought after assets for the people, the sale of property does not see much of a downfall. In the recent there have been many reforms and changes in terms of policy, such as the Real Estate Regulatory Act (RERA), and Goods and Services Tax (GST) with the idea of making it more transparent but there is still no dearth of people searching for properties all throughout the year and the same trend is set to continue in 2018 as well.
The implementation of RERA the number of new launches have gone down by almost 75% in most major cities in the country with the developers focussing on completing their existing projects. This might result in the rise of property price as the demand and supply ratio is finding a balance. The number of unsold units will reduce courtesy the reduction in the excess supply of property units.
Property purchase has many facets. From rental to resale one has to be well acquainted with every aspect before diving into the maze of property market. Every year the market undergoes changes in its trends.
Some of the popular rental market trends in the year 2018 include a steady increase in apartment construction which is expected to reach its apex in the coming year which in turn will create a greater supply for compensating the current demand among young millennials of rental age, older millennial who have attained the retirement age and more. With the shortage in supply the rental rates too went up in the previous years. The increase in rental property will be able to counter the consequences with a halt to rising rental rates in 2018. With the increase in supply landlords are now forced to offer concession to buyers to lure them into renting their property. The demand for rentals are thus expected to rise in the coming years even with a steady decrease in property prices especially among the younger generation who after earning sufficient money like to lease a place of their own. All said and done the rents have only reduced for the high end market and not for low or mid-range rental market. So there is still a scope of improvement in that sector in rental market.
Coming to the resale market the flat prices fell by about 1.5 % in 2017. For 2018 it is expected that the resale prices with remain steady and might even increase by 1%. There are talk of launching about 17,000 new flats this year.
