GST, note ban lower cities' realty estate ranking, says report

Implementation of the goods and services tax (GST) and the last year's note ban have not only created liquidity issues for the real estate sector but also impacted investment and development prospects of the cities, thereby pulling down their rankings, a report has said.

As per a survey conducted jointly by the Urban Land Institute and consultancy PwC, the initial effects of demonetisation and GST reforms reflected in the investment and development prospects of the country's cities which have moved out from the premier positions of last year.

The report, titled 'Emerging trends in real estate-- Asia Pacific 2018', is based on the opinions of over 600 realty professionals including investors.

While Mumbai ranks 12th in the list of preferred investment destination for 2018--massively down from the second rank last year, and it stands at the eighth slot in terms of development prospects.

Similarly, Bengaluru and New Delhi stand at 15th and 20th position respectively in the investment destination ranking against 1 and 13 respectively last year, while they are at the 16th and 18th positions respectively, on the development destination ranking.

The survey has found out that retail assets are now a popular play, with a number of platforms or portfolio deals either already completed or in the works.

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