Spokesperson– Mr. VinodRohira, Managing Director and CEO, Commercial Real Estate & REIT

Chennai, 20.12.2017 :India has witnessed an acceleration of economic growth in 2017, and we are optimistic about its future potential. The business environment in the country is positive and has gathered positive momentum. The impact of all the regulatory policies that came into play in 2017 will continue to unfold in 2018, strengthening corporate governance and further infusing transparency into the system, making the Indian economy progressive and robust. In the medium to long term the changed regulatory framework will positively impact the positioning of the real estate industry. RERA for instance, has helped boost buyer confidence and infuse credibility to the sector. We will see a lot more organised offerings going forward, in all segments of real estate which will fasten the process of decision making for consumers with less ambiguity and perceived risk which will ultimately increase the velocity of sale and create a healthy environment for real estate markets. The spirit of RERA is in the best interest of consumers, they can hand-hold the process with developers for faster approvals, more clarity in terms of legislative impact, and it is in the long term only going to help the industry and the sector perform better. The next 12-18 months will see speculative supply and paper supply diminish and real supply emerge. The real supply in the short term will be far lesser than it used to be, and with the strengthening of demand we will see prices firming up because lesser real value quality residential supply will be available when the consumers want to finally buy. On the commercial front, it has been robust, steady and will continue to see the same trend in the next 12-18 months. With sufficient boost from the government, the realty market is expected to see good times ahead.