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RERA after two years: Real Estate scenario improving after demonitisation, GST transition: Sobha Official
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RERA after two years: Real Estate scenario improving after demonitisation, GST transition: Sobha Official

Agency News

Bengaluru, May 3 : The Real Estate sector that is undergoing transitional challenges under demonetisation and GST regime and new RERA effects that completed two years now, the demand in the housing sector has picking up gradually, J C Sharma, Chairman and Managing Director, Sobha Ltd said here on Friday. He said the sector had experienced challenges but the scenario during 2019-20 offered better opportunities, but gradually.

‘’The real estate sector has experienced certain transitional challenges due to demonetisation, RERA and GST in the last two years which impacted the market sentiments with subdued sales. ‘’While the overall market scenario has begun to improve and the demand for housing has picked up gradually, the revision of property guidance value across the state of Karnataka may slow down the improving demand scenario,’’ he opined.

Additionally the stamp duty was also expected to increase for home buyers. ‘’The sector at this juncture is looking forward to customer - friendly policies which will help augment housing demand. This will create a win-win situation for the sector as a whole,’’ Sharma said. Sharma said that till date, 22 States and 6 Union Territories have already notified their RERA rules, of which 19 States have websites that are operational. SOBHA believes that RERA will continue to drive the sector and Indian economy towards a sustainable growth. (UNI)