The recent move on demonetization, initiated by the government is the most effective and bold step that has made impact on every sector of the economy. The year 2016 has been turbulent for real estate. Indian property market has faced headwinds on account of slowdown in business. On the other hand, the homebuyers have suffered a lot owing to judicial delays for a long period. Developers, however, are comfortable by knowing that court cases can be dragged on for years. Well, a new reality got exposed in 2016 where the judicial intervention has pointed out their delays, aberrations and defaults as well. Apart from that, they have given a new ray of hope to wretched homebuyers.
Market Dynamics Reflect Changes Due to Judicial Intervention:
• The dejected homebuyers are given hope that they will get whatever they have been promised by the developers.
• Consumer and media activism are fueled by judicial intervention in the year 2016.
• It points out all sorts of troubles individuals have to face in case of project approvals that appear to be the main reason for project delays these days.
What are the Primary Problems Need to be Sorted Out?
Builders are naturally concerned and they want to sort out the whole matter as well. Raj Gala Shah, partner, Zara Habitats, maintains the real estate market force and he has taken a hold of improving real estate eco-system. The focus must be to weep out unscrupulous elements. Make sure it the issues get removed not only from business, but also, from the consumer activism side. Some individuals enjoy monetary benefits while they are covered by the grab activism. However, analysts have stated that developers, who are not involved in project delaying and denying the buyers, they must welcome the judicial intervention system. Many troubles will get well-monitored if a fair judiciary intervention is performed. Also, the government departments can be pressurized to work diligently by the judiciary. An effective initiative, taken in 2016 will bring ground changes in real estate in 2017 and homebuyers will get a relief, thereon.