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The political change due to the 2024 election is going to have a significant impact on the real estate industry. Over the last twelve years, the real estate industry has been affected a lot due to elections. But what can be expected this time? Let’s move ahead and examine what will be the impact of the 2024 elections on the real estate industry! How Election 2024 Will Affect the Real Estate Industry
Trends Observed After Elections
Over the past few years, the real estate industry has tended to slow down during general elections. This happens because buyers and investors become highly cautious about the outcome of elections and changes in policy. Also, pre-election data usually gives a glimpse of a reduction in property prices.
For example in 2014 the top cities in India saw a 30% drop in the sales of houses. Even a similar pattern was seen in the elections of 2019 followed by a slowing down of primary and secondary markets. This further affected a lot of people in the long run.
Recovery After Elections
The real estate industry generally marks betterment after elections. After the 2014 elections, there was a stable government and the market noticed a positive upturn. In addition to this, people gained confidence in the REAL Estate Act and started investing more in the real estate industry.
Current & Future Outlook of the Market
Up until now, the government has taken several measures with the aim to add new housing infrastructure and economic reform.
The chances of the continuation of the present government have further provided protection to the real estate industry from the typical pre-election downtime. Also, the real estate sector can remain upbeat even after the elections. There is a high possibility of a rise in the market if the party in power maintains the existing policies and safeguards economic stability.
In addition to this, there are rumours that financing for the real estate industry may also witness a significant improvement, which might further boost affordable housing. As a result, all this will surely contribute to improvement in the dynamics of the housing market.
Final Words
All in all, post elections both buyers and investors are going to witness lucrative opportunities. Also, if the government announces new reforms after the election, there will be a significant boost in the market and stability in the economy.
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