Still sitting on a fence to buy your dream house? 2016 may be a good year to do that!

If you have been thinking of buying a new apartment in the coming new year, you have probably done the right thing in waiting for 2015 to end. The real estate market in the country is expected to get back on a positive growth trajectory along with a price correction of the properties.

According to industry players, 2015 was not exactly a year of great sales. However, towards the end of the year, some action was seen in the market. “Launches have reduced in cities like Mumbai, slightly lowering the inventory. Developers’ initiatives like offering attractive schemes and deal terms, coupled with lowering of interest rates by the Reserve Bank of India (RBI), have activated fence-sitters,” said Anuj Puri, chairman and country head of JLL India.

Besides, the realty sector also had its share of controversies when reputed developers were caught in the net for failure in delivery of the properties. These included Unitech, Vigneshwara and Adel Landmark against whom FIRs were filed for non-delivery of projects, cheating and fraud respectively.

Apart from this, the much awaited price-correction too did not happen due to macro-economic factors. There was a stark gap between demand and supply in the market, which did not allow any price correction to happen.

2016: What’s next?

Industry players expect the sector to be on a growth trajectory following the various initiatives launched by the NaMo government in 2015. With Real Estate Investment Trusts (REITs) in place now, both buyers and developers should expect more transparency in the industry.

Also, initiatives such as Smart Cities, AMRUT and Housing for All by 2022 will also propel the growth of the sector. As the projects are of very large magnitude with both the government and private sector equally involved, industry players expect such initiatives to be a catalyst in the sector, with adequate investments being made in the sector. Initiatives such as these are also expected to phase out dubious players from the industry.

Besides, FDI norms for this sector have also been eased, which could bring in more investments in the industry, thus accelerating the work on current projects as well as launching new ones.

“Though 2016 will bring in regulation, it will remain fragmented and moderately inefficient. We could see it become a well-regulated, consolidated and moderately efficient industry by around 2020. Growth in the Indian economy will definitely see favourable reflection in the real estate sector, as well,” added Puri.

With Real Estate Bill likely to pass in 2016, developers hope that the sector becomes more transparent and better regulated, which in turn, will give home buyers the much-needed confidence to buy their dream home.