Round up of the year and Outlook 2018
Shubika Bilkha, Business head at The Real Estate Management Institute, “The year 2017 saw the real estate sector undergo a complete overhaul with the introduction of RERA and the GST, and giving infrastructure status to affordable housing. For real estate companies across segments, the last one year has been particularly transformative. The operating framework that was seemingly outmoded in its outlook was banished almost overnight, making way for the new regime to prevail. Companies had to gear up to change their working models, organization structures, understand how to get their vendors to comply, ensure their employees were trained in line with the new regime, appease their customers who now had a lot of protection under the Act, while still running a seemingly successful business.
As the real estate sector metamorphosis into a tightly controlled and regulated industry, the onward journey will continue to see real estate companies looking inwards to build enhanced delivery capabilities, while keeping a keen eye on newer business models that emerge and their own 5 year vision for their enterprises.