The real Estate sector is cheering the return of the BJP government and expects the continuation of the numerous progressive measures undertaken by the government in the last term to boost the sector.
Leaders from the Real Estate sector list down their expectations ranging from ‘addressing the liquidity crisis, continued focus on Housing for All, improving infrastuture to streamlining environment clearance issues’ from the government in the new term.
Industry is hopeful that the government will redress and resolve the prolonged issue of liquidity crisis: Dr. Niranjan Hiranandani, National President – NAREDCO and Managing Director – Hiranandani Group
Our hearty congratulations to the new government Modi 2.0 and we look forward to the continuity of the progressive policies that were initiated in the past five years. We believe the new government works further for the structural reforms and steps that will boost real estate business and strengthen consumer sentiment towards Indian real estate. The strong and steady government should bring about stability with remedial actions without much delay to revive the shock of last quarter economic growth. The stable government reflects the faith reinforced by the aspirational India which enhances the confidence index domestic as well as globally.
The Indian Real Estate industry is hopeful that the government will redress and resolve the prolonged issue of liquidity crisis that the sector is facing currently. Moreover, rationalizing the taxes by subsuming stamp duty under GST will grand a big relief to the home buyers. We highly recommend the National Housing Policy to boost rental housing in order to fulfill the ambitious target of Housing for All by creating surpluses. Furthermore, under the decisive leadership of the Hon’ble prime minister, the nation will be able to unleash workforce opportunities in the sector that will help the nation to continue as the world’s fastest growing economy.
‘Housing for All’ needs sustained efforts from a determined government: Anuj Puri, Anarock Property Consultants
Billions of Indians have given their verdict and the real estate sector has every reason to cheer.
After all, the sector got the maximum policy-related attention during this government’s first tenure.In retrospect, Modi’s victory in 2014 ushered in a new era of Indian real estate, unambiguously marked by his vision to set the ‘house’ in order. He tightened the Centre’s grip on real estate – the favourite ‘laundromat’ for black money hoarders – and brought speculative activity to an all-time low even as big-bang schemes benefited genuine homebuyers and long-term investors.
We expect the growth momentum in the real estate sector to continue: Ramesh Nair, CEO & Country Head, JLL India
People of the world’s largest democracy have given their mandate to the Government for another term. After half a decade, we now have a glimpse of a ‘New India’ that the Government envisioned for us when it came to power in 2014.While we witnessed the implementation of key reforms during the first NDA regime, strengthening of the overall economy is what is expected with the continuance of those reforms. Looking back, we realize that the two words that perhaps rightly sum up the contribution of the government are continuity and stability.
These measures would directly impact the real estate market. Segments including residential, office and retail have emerged stronger as a result of the developments so far.Due to renewed focus on globalization and industrialization, emerging sectors like warehousing has come up strongly.
The overall growth and development of infrastructure and Real estate is taking place at a very fast pace: Parveen Jain Vice Chairman NAREDCO & CMD Tulip Infratech
The thumping victory of the government has got reiterated once again by Indian people’s mandate.
In context of the Real estate sector, looking at the good work done in the last five years is giving good results in terms of more emphasis on Affordable Housing for the masses to accomplish the PM’s noble mission of ‘Housing for All by 2022’. Affordable Housing has been given much needed ‘Infrastructure status’ by the government, which has proved to be a boon for the common man for whom the dream of owning a house is becoming a reality.’
Due to positive steps taken by the government in the last five years, the overall growth and development of infrastructure and Real estate is taking place at a very fast pace.
Infrastructure creation and improvement must be another immediate priority: Kamal Khetan, Chairman & Managing Director, Sunteck Realty
Real estate sector has been a focus area for the government in the past as it plays a continuous and crucial role in India’s growth and development. While it spent the first few of years improving consumer confidence and transparency in the sector through reforms such as The Real Estate (Regulation and Development) Act, (RERA) and Benami Transactions (Prohibition) Amendment Act and tax reforms like cut in GST rates on affordable housing, it used the Interim Budget in February effectively to signal its intent to boost the real estate sector by incentivising home-buyers, owners and developers to improve the pace of growth.
We believe that affordable housing will get further thrust by way of continued tax benefits beyond 2020. We expect the new government to continue its focus on ‘Housing for all by 2022’ and therefore, many more structural bottlenecks would be addressed. Another core area, development of ‘Smart Cities’ must gather pace as these can change the urban landscape of India, creating plenty of employment opportunities. Infrastructure creation and improvement must be another immediate priority as urban decay can hamper growth of real estate sector in many cities.
Real estate is one of the key sectors for economic growth and employment generation due to its linkage to numerous other industries. Thus, addressing the liquidity issues in the overall economy, especially in the lending space, would be a great way to boost demand and overall growth. I hope the RBI will chip in with steps that would complement the intentions of the new government.
We expect the government to take measures to expedite and streamline environment clearances for new projects: Rohit Poddar, Managing Director, Poddar Housing and Development ltd and Joint Secretary, NAREDCO West.
The sector expects the new government to emphasize more on re-energizing the reforms related to infrastructure investment, land acquisition reforms and speeding up the regulatory functions of the state. The sector had slowed down a bit since the sequential jolt of GST and demonetization but the new GST regime for the sector was a big relief. We expect the government would take measures to expedite and streamline the environment clearances for the new projects which is a 2 stage process and takes 2 to 3 years. A better clarity over the norms for infrastructure projects which involve diversion of forest land for non-forestry purposes is recommended. The sector hopes better stability in the regulatory norms without too many changes.
The win of BJP is a reflection of India wanting sustenance, accountability and growth: Ashok Mohanani, Chairman, Ekta World and Vice-President, NAREDCO Maharashtra
The win of BJP is a reflection of India wanting sustenance, accountability and growth. Given the massive development that the country witnessed in the last five years, global positioning and international presence; we were always a name to reckon with. This win reinforces the belief that India is on the Global map and citizens of India want this transformation. Policy changes and reforms like the Benami Act, Housing for All and infrastructural status for affordable housing, introduction of RERA are moves that was overdue for the industry to help bring order and benefit housing in India all its stakeholders. GST uniformity was another step in the right direction for the country. With the same government in power we expect further consolidation and in the realty industry and possibility of better business and progress. Also, many infrastructure projects went live in their tenure of which are living up to the promise of well-connected and developed nation. We are therefore happy with this decision and are positive about further growth in the real estate industry.
The government should grant the RE sector ‘Industry Status’: Manju Yagnik, Vice Chairperson Nahar Group & Vice President NAREDCO (Maharashtra)
Considering the fact that real estate industry is the 2nd largest employment generator in the country, it is high time the government recognizes the sector’s age old problem of ‘Industry Status’. Granting industry status will solve the long term financial aid problem by boosting investments in the sector whilst ensuring transparency at the same time. It is certainly the most crucial aspect that the government needs to gander at. Loan restructuring for realtors will further assist in completing the stuck projects and ensuring timely delivery of the same, which is a major issue faced by the developers currently. We further urge the government to cut down on the home loan rates for the homebuyers as this can help in achieving ‘Housing for all’ by 2022 and provide major monetary relief to the potential homebuyers. To make processes smooth and ensure complete transparency, we are also looking forward for the digitization of the approval processes and furthermore single window clearance to avoid delays and quicken the overall process.
The new government should continue to carry out reform in the realty sector by creating jobs and augmenting growth: Farshid Cooper, Managing Director of Spenta Corporation.
We are happy and optimistic with the election results and are hopeful to see a new wave of transformation in the realty sector. In the long run we expect the sector to grow in terms of earnings and homes delivered. We hope that policies introduced in the previous term like from GST and RERA are seen through and implemented smoothly in this term. Further we hope that the new government puts the economy at the forefront and continues to carry out reform in the realty sector by creating jobs and augmenting growth.