Year 2016 was not a great year for the real estate sector in India. Despite the huge demand for housing in the nation, transaction volumes remained low in the residential real estate space.
Several policy reforms in the past year were introduced with the right intent to bring about more transparency in the way the realty sector functioned and to empower the potential homebuyer.
Significant among these were Real Estate (Regulation and Development) Act, 2016 (RERA), Benami Transactions (Prohibition) Act of 2016 and amendments to the Real Estate Investment Trust (Reit) regulations, which will now allow all kinds of investors to make investments in the realty sector on a secure platform.
