Mr.Kishore Bhatija - Managing Director – Real Estate Development, K Raheja Corp.:
"Year Gone by - 2016
2016, has been a mixed year for all and so for the realty industry. The real estate industry has also witnessed some positive movements that were mostly a spillover of 2015 and showed some encouraging signs for the rest of the year.
One of the biggest highlights of the year was the enactment of RERA which is a revolutionary move poised to infuse transparency and boost confidence in the real estate industry.
RBI's decision to have Repo rate cuts at regular intervals has also been positive news with benefits of reduced interest rates being passed to the consumer.
Demand for quality commercial spaces continued to point north in 2016. The Government of Maharashtra passed enabling resolutions of the IT Policy of 2015 which further incentivizes developers for construction of IT| ITeS projects, which has been growing in double digits year on year.
Outlook for 2017
We look forward to welcoming 2017 with the hope that the issues of the much-needed realty reforms namely, ease of doing business and recognition as an industry, gather momentum. The Benami Property Transaction Act, GST, IT Policy and RERA will congregate to change the way our industry functions leading to more transparency and regulation. This will also lead to better inflow of FDI’s and better prospects for the industry. With sufficient boost from the government, the realty market is expected to see good times ahead.