The realty business in the country is near shambles. There is no other gentle way to say this truth. There is absolutely no good news which has come out of the sector for the last few years. It has been only doom and gloom as far as real estate prices are concerned. With the developers refusing to budge on the pricing front, both the developers and end users are on the losing side of things.
There is a prevailing sense of hopelessness among those in the industry. This has unequivocally been one of the toughest times the realty sector has been through in modern times. There are plenty of unsold apartments in Porur and other parts of the country. This unsold inventory problem combined with the unrealistic pricing has brought the business to a halt.
What can help the sector is a price correction. A price correction is in the offing considering how stubborn the realtors are being when it comes reducing the prices.
Infusing the market with affordable housing options can be another way to get some life back into it. Most of the buyers in the market looking for a home are looking for affordable homes. But they can never find one without working themselves up to a lather. The stress alone is enough to stop them from ever wanting to buy apartments in Porur or any property in any part of the country.
The government has stepped in to address the supply and demand situation when it comes to affordable homes. Because there is a huge demand for these homes but not enough supply of it. Real estate prices are a tricky thing. There is just about no way to control it. The government can only do so much as the players in the industry are the ones who are in the drivers seat.
Even though it might seem like the government can do next to nothing about the pricing, it can do something on the policy level to ensure that the citizens of the country get a roof over their heads.
The affordable housing for all by 2022 scheme is the government’s answer to the pressing problem being faced the common salaried class. This policy decision will have a tremendous amount of impact on the sector and will help to steer it in the right direction.
The developers have had their own set of circumstances which has blinded them to the needs of the masses. The government has realised that and has granted the infrastructure status to the affordable housing segment. It is expected that this move will encourage many more players to enter this segment.
If there are more affordable housing options out there buyers might come back to the system. This in turn can help boost the sector’s fortunes which have been sagging in the last few years. This stands to be a win win situation for everyone involved. The impact of this policy change will have far reaching positive consequences for the sector.