Indian Real Estate - A Review of 2016 – Biggest Changes in Decades

Indian Real Estate -  A Review of 2016 – Biggest  Changes in Decades

By Mr. Anuj Puri, Chairman & Country Head, JLL India

As a landmark year  (2016) for the country - and the real estate industry - draws to a close, it’s time to analyze what happened in 2016 and what to expect in 2017.

For the real estate industry, 2016 saw the biggest changes in decades, especially on the policy front. Some of the biggest game-changing policies like GST & RERA cleared hurdles, and are on their way to full implementation.

The demonetization move caused considerable turmoil; however, along with the Benami Transactions Act, it promises to bring greater transparency in the real estate sector.

Affordable housing will come into sharper focus now than in previous years, and REITs promise to open up the real estate market to smaller investors in the coming year.

The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of higher transparency and further consolidation.

India’s Tier-I cities moved up to the 36th rank in JLL’s biannual Global Real Estate Transparency Index in 2016 due to improvements in structural reforms and liberalization of the foreign direct investment (FDI) policy.

India came 4th in developing Asia in terms of FDI inflows as per the World Investment Report 2016 by the United Nations Conference for Trade and Development. Thanks to a proactive government keen on improving India’s ranking on different indices and strengthening public institutions, the country is poised to become a modern economy.
 

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