The real estate in India is one of the most dynamic sectors. It is also the second largest employer in the country. However, in the past two years, the sector has been witnessing the implementation of various game-changing policies.
The major new regulations of the year 2016 and 2017 include Real Estate Regulatory Act (RERA), Goods and Services Tax (GST), and demonetization. With these implementations, the Indian government aimed at removing the blots from the realty market.
Each policy has its own purpose to solve. RERA was implemented to protect the interests of buyers and ensure affordable housing in the country. Besides, it also aims at ensuring timely deliveries to the buyers. Another policy, Real Estate Investment Tax (REITs) was introduced to lift up investments in the commercial real estate market.
The government set up GST to replace the multiple levels of taxation. Whereas, demonetization was intended to purge black money from the economy. All these policies affected the real estate sector in India directly or indirectly.
Due to these policy changes, the sector has been observing a sluggish growth as a whole. However, the market at the micro level has been reflecting positive signs. Especially, the Hyderabad real estate has efficiently adopted the policy changes.
Industrial experts assessed that the city will prove to be the most promising city for investors this year. Surpassing all the top metropolitan cities of India, Hyderabad has achieved the top spot in Mercer’s Quality of Living Ranking, across India. The city has shared the position along with Pune.
Hyderabad has been ranked as No. 1 due to the factors like lower crime rate and good climate conditions. Moreover, the exclusive quality of housing facilities in the city has also played a key role in its achievement. Whereas, Pune got the rank on account of the availability of consumer goods for international employees.
Both the cities have beaten cities overall seven Indian cities, which were surveyed by Mercer. These include Bengaluru, Chennai, Mumbai, Kolkata, and New Delhi. According to the report, New Delhi was on the last spot due to the rising congestion and air pollution.
The well-known realtors of Hyderabad, including Ramky Group, Janaharsha Group, Prestige Group and Dream India Group, are pleased as the city is flourishing. Moreover, such developers are also adopting the policies and ensuring to create affordable housing in the city. The new house launches of these realtors are being constructed according to the new regulations and amendments.
The efforts of the realtors of the city have not just made the Hyderabad real estate sector most favorable, but also made it a hub of affordable housing. Furthermore, Mercer’s ranking claims it to be the best Indian city to live in.