Economic Stability Fuels Real Estate Demand

India's real estate market is experiencing a significant surge, driven by economic stability and the development of physical infrastructure such as roads and metro networks. The Economic Survey, presented in Parliament, highlights the positive impact of RERA and GST on the sector, bringing transparency and efficiency to real estate transactions.

Record Highs in Residential Sales

The residential real estate market has reached an 11-year high in sales volume, with an 11% year-on-year growth in the first six months of 2024. This growth is not limited to tier 1 and tier 2 cities but is widespread across the country, thanks to improved connectivity and urban development.

RERA and GST: Catalysts for Change

The Real Estate (Regulation and Development) Act, 2016, and the implementation of GST have revolutionized the real estate sector. RERA has enhanced protection against fraud, ensured timely project deliveries, and increased transparency. Meanwhile, GST has simplified the taxation structure, encouraging proper documentation and reducing tax evasion.

Future Prospects and Digital Transformation

With the rise of real estate investment trusts (REITs) and the digital India land records modernization programme, the future of India's real estate sector looks promising. These initiatives aim to increase market liquidity, attract institutional investors, and bring more transparency to land record management.