Steady growth in real estate sector likely

Nagpur: The real estate market has now bottomed out due to industry slowdown and will show a steady growth starting this year, said Anil Nair, president of the Confederation of Real Estate Developers Association of India (Credai), Nagpur Metro. He was speaking at a press conference at a city hotel on Tuesday.

"With the commissioning of Real Estate Regulation Authority (RERA) and implementation of Goods and Services Tax (GST), there is a feeling of confidence in the market. Land prices are at an all-time low thanks to a steady slowdown in the industry in the last few years. Therefore, now is a good time to invest in real estate," said Nair.

Nair stressed on the benefits of Pradhan Mantri Awas Yojana (PMAY) which provides subsidy up to Rs2.6 lakh to citizens on home purchases. "Many people without a permanent residence don't know about the PMAY. Awareness needs to be created since the government has set a target of giving subsidies. The scheme will end once that target is met with."