Real estate market shrugs off impact of demonetisation, RERA, GST

Real estate market shrugs off impact of demonetisation, RERA, GST 

Resident ial property markets across India’s top 30 cities have shrugged off the impact of demonetisation and absorbed the short-term blow of several regulatory changes aimed at formalising the real-estate sector. 

In the quarter-ended September, these property markets started showing signs of returning to normalcy as sales registered the best performance in five quarters. Based on sales volumes, 22 of the top 30 markets were either hovering around their five-quarter best or be .. 

All cities have bounced back from the lows witnessed around demonetisation, showed data from Liases Foras Real Estate Rating & Research. 

Quarterly price change has been encouraging
Oct-Dec 2017 witnessed average price increase of 3.1%. 

The performance in this quarter assumes significance as two key reform measures were implemented around this time. In May, the government implemented the much-awaited Real Estate (Regulation & Development) Act, 2016 and the country transitioned into the new indirect tax regime with the rollout of Goods & Services Tax (GST) on 1 July. 
 According to Magicbricks’ Propindex, the October-December 2017 quarter witnessed an average price increase of 3.1% in 46% of the 750 localities across 14 major cities. The Magicbricks’ National Price Index (NPI), after remaining stagnant for almost two years, saw the first price gain in the July-September 2017 quarter and this has continued in the October-December quarter as well with just under 1% increment. In the quarter-ended September, sales volume in tier I cities such as Mumbai, National  ..