The real estate sector is one of the significant contributors to India’s GDP. It has undergone some substantial changes over recent years, and these measures have helped the industry to come out stronger.
Some reforms include demonetization, GST, Insolvency and Bankruptcy Code and above all The Real Estate (Regulation & Development) Act of 2016, which is the most critical legislation of the property market in the past few years, promises not only transparency but also ensures the security of investments of homebuyers.
Despite the weakness in the economy, real estate remained stable in 2019 and could be revived in the new year, according to Knight Frank.
It also expects the real estate sector to maintain its momentum.NRIs are one of the crucial growth drivers for the Indian real estate.