With the 2014 Lok Sabha election results declared and Narendra Modi-led NDA coalition heading towards forming the government at the centre with formidable majority, the real estate industry is looking forward to stability and growth for the sector.
The new government formation has brought hope for the industry experts, who are now expecting revival of the real estate sector with economic reforms and policy revivals. They are expecting that the new government will bring in regulatory bill, industry status and necessary policy changes that have been held for long. Magicbricks brings in what the industry expects from the new government.
Anshuman Magazine, chairman & MD, CBRE South Asia Pvt. Ltd says, “With the formation of a new government, if GDP growth picks up, one of the early beneficiaries would be the real estate industry.”
However, he believes that the economic fundamentals have to be tackled and infrastructure projects implemented with a sense of urgency. Also, the housing mortgage interest rates need to decline to see any significant impact on the real estate market, says Magazine. “Overall the election results will certainly improve sentiment in the real estate market,” he adds.
Experts also believe that the sector will be given industry status this time. Pradeep Jain, chairman, Parsvnath Developers Ltd., says “this will bring in ease in fund inflow,” Also, he hopes that the government will take corrective measures to boost FDI in the sector.
P Sahel, v ice chairman , Lotus Greens Developers Pvt Ltd says, “Indian real estate industry awaits a robust government, which will make the market viable for sellers and buyers. The industry has been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years.”
Aman Agarwal, director, KV Developers Pvt. Ltd. says that with the new government in place, it is expected that they will reboot the regulatory framework surrounding real estate and put a mechanism for the fast-tracking of developing project, which will definitely play a positive role to boost up confidence of real estate industry.
“Interests of the stakeholders will be safe guarded and I hope that the new government will initiate support to the real estate sector, not only for quality but also for speeding up of the infrastructure,” he adds.
With this, the industry has welcomed the new government with an expectation that the real estate policies that were kept on hold will materialise and decisions will be fast tracked to ensure that the sector revives at a quick pace.
Source: Magic Bricks Times of India Chennai