Anuj Puri, Chairman – ANAROCK Property Consultants
In Indian real estate today, the untrained eye may see a dichotomy in the massive investments pouring into the Indian residential sector and the actual on-ground demand for housing.
A similar question mark was, in the past, also attached to the fact that developers kept churning out projects despite the visibly reduced uptake over the last couple of years. The fact is, there are always at least two storylines unfolding – the first and most obvious is the short-term story.
Currently, residential demand is still subdued due to the uncertainty brought on by many regulatory upheavals – all of which were necessary to make Indian real estate a better marketplace.
To begin with, the Government’s unexpected demonetization move late last year put a severe dampener on the resale market and also impacted the primary market to some extent.
Even as the markets were recovering, RERA and GST – both of which were predicted and expected –
Anuj Puri, Chairman – ANAROCK Property Consultants
By now, it has become quite clear that as a generation, Millennials have a very different take on home ownership than their parents and grandparents did.
This trend has been studied extensively in the West, but it has made itself quite obvious in India too. How do Millennials view home purchase differently in general, and in India in particular?