The Indian real estate sector has undergone a shift in recent times and has now taken an upturn, showing signs of positive growth. As a result of the resurgence, there has been a significant shift in the buyer mindset as we witness the realty market withstand various upheavals. These changes have been aided by the introduction of new reforms and government policies that are transforming the sector to further enable transparency, streamlined processes. Right from RERA, to GST and demonetisation, these reforms are positively impacting the sector and transforming it from a previously unorganised one to a more mature and structured market.
The year 2017 was a landmark year for buyers and developers alike with the implementation of two monumental reforms, namely RERA and GST. RERA (Real Estate Regulatory Authority) ensures mandatory completion of projects, utilization of funds collected by customers for the concerned project, and disbursing project related information on a public platform, paving way for a more transparent relationship between the buyers and developers. Not only the developers but also the investors and homebuyers will benefit from these policy changes.
Over the years, the parameters for choosing a home have drastically evolved. The most important factor is value for money. Buying a home involves a lot of emotions and is a lifelong investment. Buyers need to do the required due diligence and accordingly plan their decisions, in order to enjoy the perks of being a homeowner.
A rightly priced product alongside superior amenities, good infrastructure and optimum design elements is the need of the hour. Changing market trends and the introduction of reforms have improved market stability and structure of the sector. The same has ensured that buyer interests are safeguarded, providing clarity and a better understanding of the varied options available in the market basis their requirement.
Considering the rise in buyer demand and market complexities, it is important to understand and know the intricacies of real estate terms often used by professionals in the sector. Below are some of the most commonly used jargons every buyer should understand:
With a basic understanding of the real estate terms, buyers can be more informed and make smart decisions. As the industry continues to grow at a rapid pace, it is imperative for developers to engage in educating home buyers and support them in what will be one of their most prized investments in life.