A change in reality

Over the past few years, the real-estate sector has faced a lot of setbacks. From demonetisation to RERA to the recent housing-finance crisis, it's been a tough ride for it. Other factors that have added to the concerns of the sector include an inventory pile-up, pricing pressures and a number of large developers getting caught in unethical and illegal trade practices. However, it's always darkest before the dawn. Yes, there might be tall towers next to you that may be completely vacant, but the real-estate sector may be at the cusp of a turnaround. Recently, Casagrand Developers, a Chennai-based real-estate company, created a record of selling 321 flats, worth about Rs 172 crore, in 100 hours. Quality developers that have liquid balance sheets and have created a name for themselves in terms of timely deliveries, good construction quality and ethical trade practices are looking at all the structural reforms as a blessing in disguise. A consolidating real-estate market has seen fly-by-night developers disappearing, which has reduced competition. Due to pricing pressures and RERA, which protects consumer interests, buyers have more bargaining power now and are able to sit across a developer and negotiate. This has improved buyer sentiment, which will further help large players in the sector. Another factor that will help the large players is the