The Indian real estate market has tremendous potential, and it will surely be riding high in the coming year with organised, reputed, transparency and credible players on the ground, says Vineet Relia, Managing Director, SARE Homes. In an interview with Nikunj Joshi of RoofandFloor Bureau, Vineet talks about Chennai’s real estate market and the way forward for the real estate sector.
Excerpts:
What are the major forces driving the growth of the real estate market in Chennai?
Chennai is one of the major real estate hotspots in the southern region that is largely driven by end-users. We can call this a traditional market; in fact, a conscious one, compared to NCR and Mumbai. This is the reason why developers have a good track record in terms of delivery as well as launches. Chennai being the base of several multinational companies, there is a constant demand for homes by first-time homebuyers.
Which are your picks for the top places to invest in Chennai?
Chennai is a promising investment location and has a huge potential for the real estate growth.
The region has also been in the news lately with the announcement of the bypass roads and Metro Rail to help ease traffic in Chennai. The sites located off OMR Road consist of the dedicated IT corridor, and this area is emerging as the residential hub of Chennai.
The Grand Southern Trunk Road (GST) or NH 45 has also been enjoying undivided attention from real estate sector enthusiasts, particularly because of the upcoming IT parks, automobile industries, and social infrastructure development.
With regulations like RERA and GST in place, how do you think the sector is embracing this new change?
RERA has brought in much-needed transparency along with accountability in the real estate sector.
GST is relied upon to be a sentiment booster for the industry and is expected to revive buyer and investor interest by bringing more transparency in the taxation system. Click To Tweet
It will also help formalise transactions within the sector. Furthermore, it will help check artificial inflation in prices.
By all accounts, the real estate sector was seriously affected by demonetisation. Sales decreased rapidly as buyers put their decisions on hold. However, now the ill-effects of the surgical strike is fading away.
In the long term, we will see a more holistic and healthy pattern of development in the real estate sector.
What, as per you, will make the Indian real estate sector more organised?
A transparent and organised real estate sector will be established only with the help of progressive government policies, which will fuel the overall development of the Indian economy.
How is SARE Homes realigning their business strategies to match the changing scenario?
SARE Homes offers community housing at strategically identified locations across India. Our approach is focused on development, creating value assets, and to position SARE as a market leader in our sphere of business.
We adopt a professional approach in all our business dealings with a strong focus on transparency and business ethics.
Your wish list for 2018.
At SARE Homes, our wish list for 2018 is clearly defined – to provide residential development with international lifestyle facilities across the country. We believe that our commitment to offer our customers with a fulfilling experience will drive our organisation to achieve greater heights.
For 2018, we believe we will repay our customers’ trust by consistently delivering quality construction within the predetermined period.
5 Major Benefits of the RERA Act for Buyers
Right to Information About the Property. This is one main advantage of the RERA act in favor of the home buyer.
Standardized Carpet Area.
Builders Will Be Held Responsible for Any Defect/Fault in The Construction.
Grievances Will Be Addressed and Solved Quickly.
Builders Won’t Be Able to Delay the Projects.