Year 2013 is going to bring cheer to homebuyers. Rohan D'Silva , the national director of Knight Frank India, says: "The silver lining for all those who missed the boat, both developers and consumers, is that 2013 will start a fresh innings. In a country that has an acute housing shortage there will always be takers provided the offerings are enticing."

Pranab Datta, the chairman of Knight Frank India, said 2013 is going to be a game changer in terms of policies and regulations, as most of the bills that have been pending for the last few years are expected to be passed in Parliament in the coming quarters .

Especially, in the case of real estate, the passage of two crucial bills, Real Estate Regulation Bill and Land Acquisition Bill, will boost the sentiment of all stakeholders, Datta says.

Parliament's recent approval of FDI in multi-brand retail will attract foreign investment , which will not only benefit the retail industry but also boost the demand for commercial real estate. It also showcases the government's seriousness in introducing reforms in India and this is just a preview of things to come.

Additionally, the RBI can be expected to lower interest rates in the coming months, which will benefit developers as well as consumers.

The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate, whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to last year.

Rohan D'Silva also says that the global financial crisis has brought about a striking change in the attitude of investors. This change in expectation on investment returns, growth and risk does not single out any one asset class but applies to most of the assets, whether they be equity, debt, commodity or real estate.

D'Silva said Real Estate as an asset class is the foremost example that will see a challenge , particularly in this tough economic scenario.

Even within real estate as an asset class, the judgment on investment outlook on commercial real estate and residential real estate cannot be a unified one.

The dominant factors that drive investment returns for both these are diverse, and divergent, to a great extent. It is believed that with the slowdown in the economy, demand for commercial real estate will slowdown. But whether this will impact the demand for residential real estate, which is always in short supply, is to be seen.

DTZ, a consultancy firm, says in a report that subdued economic growth on the domestic front and persistent concerns about the economic outlook in the US and the Euro Zone moderated business confidence among officespace occupiers in 2012. As a result, seven major cities in India saw restrained officespace take-up in 2012.