The Indian real estate sector has been streaming ahead amidst a tough time for the economic stance in the year 2013. The year 2013, witnessed few upshots of the slowdown beginning in the year 2008 and had few buffeting repercussions for the growth cycle in many sectors of the Indian industry. However, the realty market in 2013, scotched numerous rumors and fears of ‘grow-slow’ projected by many market watchers and analysts.
The year 2013 was felt with reverberations of a drying up liquidity and speculative sentiments in the markets across the Indian economy. The real estate sector was also impacted with a phase of careful investments and transactions, however it stood resilient to such cyclic downturns and evolved to be rewarding in many of its subsectors.
The realty sector contradicted the bubble view which had begun to touch the partakers in the construction sector this year. As reported by RTN Asia, the realty markets across the country remained static or have corrected for the buyer’s good in the year 2013. Alongside the much awaited correction of asset prices in metros like Mumbai and Delhi NCR, a city like Bangalore upheld its pace of growth and expansion of real estate in the year which is close to its end.
Along with the participation of investors in real estate, few of the market locations in India saw good appreciation. Segments of properties like the ultra-luxury and premium saw a healthy supply and absorption equation during the present year. Beside these segments, launches of affordable homes in a cosmopolitan region like Gurgaon also strengthened the buyer confidence to acquire reasonably priced habitation in a metro region even while the inflation carried on its wreck in the Indian realty market.
Moving ahead on the track of projections for the coming year, the unsold inventory in the real estate market is further expected to bring about further price correction in this sector. The current prices and the number of unsold homes in realty market will eventually take a long time for the clearance and monetization of these assets. Therefore, in pursuance to the prudent trade practices, the developer groups are expected to further slash down the prices and encourage the home aspirers to own their longed for homes beginning from the advent of the new year 2014.
The coming year is laden with positive forecasts which are in tandem with the recent developments in the year 2013. The lowering of home loan interest rates by leading banking institutions, rising inventory and the stability in the political clout, existent afore the various state elections are few of the promising events which came as a tribute to the concluding year 2013.