Indian government's decision to cut GST rates on various products will increase purchasing power of consumers and boost demand for residential properties in the upcoming festive season, according to realtors' body CREDAI. The association, which has a 13,000 members from across India, said the construction cost is expected to come down because of reduction in GST rates on cement and few other building materials.
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India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
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The minister also hoped that a resolution should be reached before the year ends and asserted that the Modi government is committed to address all genuine concerns of the farming community.
Launches of new homes reduced drastically this year.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
The year also witnessed Mumbai-based Sun Pharmaceutical continue the tussle for taking over Israeli drug firm Taro, while MNCs struck alliances with Indian companies to capitalise on generics expertise in New Delhi.
Despite the hard times, spirit sales grew over 15 per cent -- about the same it did in 2008 -- to take the market size to about 214 million cases, which excludes country liquor.
Developers, big or small, faced huge liquidity crunch as both end-users and investors shied away from the market.
In a year that saw inflation touching a 13-year high of 12.82 per cent in August, the 150 million cases beer market grew by 15 per cent, according to All India Breweries Association figures. The wine segment, which has a total market size of around 1.5 million cases, posted even a higher growth rate of 30 per cent, as per International Wines and Spirits Record, while other alcoholic beverages, with a market size of 190 million cases, grew at 15 per cent.
Hurt by the establishment's statements that have the potential to dampen demand, the country's largest real estate player DLF Ltd asked the government on Friday to rather focus on augmenting supply and cutting interest rates to further boost growth.
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