Realty Bytes – Outlook for real estate and construction sector
2019 was a year of introspection for the real estate sector. The economy grew at a slow pace, and its tremors were felt in the sector too. The government appeared proactive and announced a lot of interim measures to boost the confidence of the developers. Hopes were pinned on the Union Budget 2020. However, the proposals were significantly focused on the agricultural and rural economy and neutral for the real estate sector.
The Real Estate (Regulatory and Development) Act (RERA), which came into effect on 1 May 2017, is taking time to stabilise. However, some states like Maharashtra, maintain the lead in implementing RERA. The deal pipeline during 2019 remained patchy as investors stayed away from committing or investing in traditional real estate business too.
This edition of Realty Bytes highlights key sector updates, post-Budget analysis, outlook for 2020 and RERA. The report also includes an interview with CFO of Brigade Enterprises, and his take on the future of co-working spaces.