Indian buyers are to be first to purchase the best in the country, as the country gears up for the first time in decades for the 2020-21 season, real estate agent and real estate broker Nirmala Verma said.
The move comes as the government prepares for a surge in real estate prices, fuelled by the government’s real estate policy.
It is expected to generate more than Rs 3 lakh crore for the economy by 2020, according to a survey by the Confederation of Indian Industry.
Real estate broker Verma also said that the government has been providing more than 1,500 crores for the development of public housing and subsidised housing, which are key to the country’s economic recovery.
The government plans to spend Rs 3,600 crore on infrastructure, while another Rs 3.5 lakh crore will go to the construction of 5,000 housing units.
The government has also set up a committee to study and approve projects for housing, including public housing, in the capital.
Verma said she expects a rise in the number of buyers.
“It’s going to be a new year, the real estate market is still at a very high level.
I think we will see a boom,” she said.
“If the government is successful, I think prices will go up.
I don’t think we are going to see a real decline in prices.”
The government is keen on boosting its infrastructure projects in the upcoming year as the economic recovery has not yet picked up, she said, adding that she expects the government will allocate nearly Rs 2 lakh crore to real estate projects.
“We are looking at the housing market.
I expect that the real Estate and Land Acquisition Act will be implemented in the next couple of months,” she added.
Realty agent Nirmal Verma is hopeful that the Government will make real estate more affordable in the coming year, especially in the urban areas.
The industry is in a transition phase, with a lot of land acquisition and land development going on but we are seeing a surge of buyers buying properties, she added, as real estate is becoming an increasingly important sector for the sector.