Realty sector hoping for boost from implementation of Rera, festive season

At least 50,000 units of new residential property are set to come up over the next three years

With as many as 125,000 residential units up for sale over the next three years, the struggling realty sector is hoping for a combined boost from implementation of the Real Estate Regulatory Authority (Rera), positive market sentiment and the coming festive season.

“There is massive demand for housing all over India and the government aims to meet this by 2022. Developers are responding by launching affordably priced projects. The new launches have seen a steady increase in the past couple of quarters, primarily driven by projects below Rs 6 million ticket price,” said Santhosh Kumar, vice-chairman, ANAROCK Property Consultants.

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