Putting things in perspective...

Ram Walase, MD & CEO, VBHC  

It has been a year of disruptions for real estate - demonetisation, RERA and GST. It would take about 18-24 months for the industry to
recover from the effects of inventory overhang and regulatory interventions.

Yet these disruptions are likely to drive the long-term metamorphosis of the sector. But the land prices in urban areas are still higher for developing affordable housing.

While RERA brings a lot of clarity with respect to the developer-customer relationship, more needs to be done to ensure hassle-free approval processes, land record verifications and stamp duty rationalisation. The current trend of limited new launches and muted price inflation would continue in 2018.

The end user demand, especially in the affordable housing segment, would continue to be the bright spot - primarily driven by Pradhan Mantri Awas Yojana (PMAY) subsidies and the favourable government policies for the segment.

Surendra Hiranandani, CMD, House of Hiranandani

The 'Big Bang' reforms implemented in 2017 have brought about a significant change
in the tax, regulatory and business environment of India. Post demonetisation, the introduction of RERA and GST improved transparency and accountability in the sector,
thereby catching the attention of investors who are now looking at Indian real estate with renewed vigour.

While we congratulate the government for these achievements, there are many more areas where reforms are eagerly awaited which will boost confidence amongst buyers. We look forward to legal reforms happening in the sector like the introduction of title insurance.

The coming year will see consolidation in the real estate sector as larger players will peak in strength and smaller ones will be eroded or will align with the established ones. Owing to stringent RERA norms, it is clear that only credible developers who conduct their business with transparency will survive in the future and will be able to navigate the roadmap.

Samyak Jain, Director, Siddha Group

Demonetisation made a huge impact on various sectors, including the real estate industry. It has brought about transparency in transactions which have helped strengthen relationships
between the developers and buyers. It brought about an increase in fund inflows in the
banking sector, forcing RBI to cut rates twice eventually leading to a reduction in home
loan rates.

The government also liberalised FDI rules making it easier for NRIs and foreign investors to purchase properties in the country, and facilitate the generation of foreign exchange for infrastructure developments and strengthen the nation's economy.

The implementation of RERA brought in much-needed transparency and initially infused accountability in the sector. The introduction of GST in July 2017 aimed to dismantle the multiple tax system and make way for 'One Nation, One Tax'. The country's first maiden
Real Estate Investment Trust (REIT) is expected to be launched in 2018. This would go a long way in bringing further transparency in real estate and also help in curbing benami transactions

Vinod Rohira, Managing Director and CEO, Commercial Real Estate and REITs, K Raheja Corp

The impact of all the regulatory policies that came into play in 2017 will continue to unfold in
2018, strengthening corporate governance and further infusing transparency into the system, making Indian economy progressive and robust.

The changed regulatory framework will positively impact the positioning of the real estate industry. RERA, for instance, has helped boost buyer confidence and infuse credibility into the sector. We will see a lot more organised offerings going forward in all segments of real estate, which will fasten the process of decision making for consumers with less ambiguity and perceived risk.

This will ultimately increase the velocity of sale and create a healthy environment for real estate markets. The spirit of RERA is in the best interest of consumers, they can handhold the process with developers for faster approvals, get more clarity in terms of legislative impact, and it is also going to help the industry perform better.

The next 12-18 months will see speculative supply and paper supply diminish and real supply emerge. The real supply in the short term will be far lesser than it used to be, and with the strengthening of demand, we will see prices firming up because lesser real value & quality residential supply will be available when the consumers want to finally buy.

Jaxay Shah, President, CREDAI National

The year 2017 could go down as one of the most revolutionary years in the history of the Indian real estate sector post-independence. The implementation of a number of critical reforms such as RERA and GST have initiated a new era of transparency and accountability,
which augurs well for the sustainable development of the industry.

The longterm benefits of the new laws are already starting to become visible with a gradual increase in demand for both residential and commercial realty. 2018 will witness the continued momentum of the industry's upward trajectory.

Reeza Sebastian, Senior Vice President, Residential Business, Embassy Group

Overall, 2017 has been a positive year despite the short-term turmoil. The implementation of
various game-changing reforms such as demonetisation, GST and RERA may have caused a few short-term hurdles in the nation's real estate market but will result in long-term positive
gain and consolidation.

It is imperative that we continue to have a larger vision of three to five years to see significant outcomes of the key measures being implemented this year.

In the residential sector, there's a growing demand for private branded residences.
The year-on-year growth of ultra-luxury homes in the city is at an all-time high and the estimated total value of ultra-luxury housing projects in various stages of construction in
Bengaluru is at Rs 6,000 crores.

As the real estate market continues to evolve with the impact of the regulations in 2017, the sector's future growth prospects in 2018 looks bright