Any government if continues in power then the implications on policies are positive and it is expected of them that they will carry forward the good work of the past. Numerous steps like GST, RERA, decreasing EMI burden etc meant that the real estate sector can take a sigh of relief. It was evident in the sales figures for FY19 that witnessed increased sales and also increased enquiries. The buyers were watching and waiting but now as the result is the impact will be seen in the next few months only in terms of windfall in terms of sales, enquiries and launches.
Deepak Kapoor, Director, Gulshan Homz
It is good news as the step that it has taken earlier will take a better shape now. It is always good to get a government that is concerned about a sector and the people involved in it. For the first time in many years, a government has shown an inclination towards paying heed to demands of the sector. GST and RERA are the two aspects that were ignored for quite a long time and by coming out with policies for it, as far GST is concerned we feel that reduction in rates is lucrative for the buyers but Input Tax Credit should be given to developers. The government has shown that it has good intentions to fulfil the Modi Ji’s vision 'Housing For all by 2020' and that it is not only a slogan.
Pradeep Aggarwal, Founder & Chairman – Signature Global India Pvt Ltd and Chairman - ASSOCHAM National Council on Real Estate, Housing and Urban Development
We extend our congratulations to the newly formed government and hope this massive mandate ushers in continuing reforms in the economy, and the impetus on infrastructure and Real Estate related policies including Housing for All 2022, Industry Status to Affordable Housing, implementation of RERA, industry status for Infrastructure sector and of course the reduction of GST on housing to name a few.
Real estate is a labour and capital intensive sector that creates lakhs of economic opportunities and we look forward to contributing towards the government's vision of providing quality housing to the citizens of the country.
At the same time, we believe that a stable and strong government will be we able to deliver on long-standing demands of the industry like Industry Status for Real Estate Sector and transparent online Single Window Clearance to further contribute towards to stability and progress of the sector and the economy.
Amit Modi, Director, ABA Corp and President (Elect), CREDAI (Western UP)
We foresee policies such as single window clearance becoming a reality soon from this government. Like many other demands, this too has been in the queue for quite some time and all the stakeholders have been waiting for it. If single window clearance comes into effect then the timely delivery will improve and it will act as one more step in regularising the real estate sector, as approvals and more so timely approvals and simultaneously development of infrastructure around projects are an integral part of real estate development, more simplification of processes, accountability and efficiency on timely approval from relevant Government authority is must for industry to accelerate the pace of development and bring back demand in the sector.
On the retail side, FDI policy in the Retail sector will also boost demand in an organized retail development that will lead to a huge creation of Jobs and will certainly help the allied industries to flourish. Foreign investment in real estate development projects will also increase and ease out liquidity across all segments of real estate.
Due to acceleration in economic demand for commercial real estate will be very positive, the emergence of new innovative solutions and formats such as Co-working spaces will see a rise in demand and help the growth of the industry. Overall for Reality market continuity of Existing Government brings optimism and hopes of promises being delivered to accelerate the demand and growth for the most important industry leading to positive Contributions to the Indian economy.
Harinder Singh Hora, MD, Reach Group
For any economy to grow there is a need for stable governance, and as the NDA is continuing its run we hope for the best. However, in the case of the last term, the steps were taken by the government, implementation of RERA has organized the sector to an extent and has brought back the trust of the buyer. Also, by exempting the 4 to 12-acre land from environment clearance, it has increased the expectations that it might also work on the long pending demand of online single window clearance. By exempting smaller projects from environmental clearance, the government has taken a step ahead to understand that housing sector does not need this clearance as it hardly creates any pollution. Now, as the same government has come back to power there are chances of getting more policies that will help the real estate sector flourish.
Ashish Bhutani, CEO, Bhutani Group
In the last term, the government has taken a number of steps for the betterment of the sector. The implementation of RERA has been the greatest and most effective step towards the organisation of real estate sector and bringing back the faith of the buyers in the developers. Another effort by the government of ‘Housing for All 2022’ through PMAY has bolstered supply and demand for Affordable Housing. Now with the stable government, we expect more positive reforms for the sector from the ruling government.
There are two major pending demands of the builders which we expect to be fulfilled in this term. The long-pending industry status for the real estate sector and online single window clearance to ease the long process of approvals.
Prateek Mittal, Executive Director, Sushma Group
There have been downfalls in the sector post demonization but with its series of initiatives the government has led to the revival of the sector in later years. Owing to the praiseworthy steps taken by the government in the past term has indeed raised the hopes of the sector. We expect the sector to thrive under the stable government in this term also.
Further rationalisation of GST by including stamp duty in it and simplification of the approval process in this term will ease off the burden on the developers.
L.C Mittal, Director, Motia Group