Real Es­tate in­dus­try’s ex­pec­ta­tion from new govern­ment

Here are some views of realty in­dus­try people on their ex­pec­ta­tions from the new gov­ernemnt.

Accommodation Times - - Echoes -

1. Arvind Jain, Man­ag­ing Di­rec­tor, Pride Group,

“Fi­nally, the new govern­ment must re­boot the reg­u­la­tory frame­work sur­round­ing real es­tate. As things stand now, the In­dian real es­tate sec­tor is far from be­ing a de­sir­able in­vest­ment route for for­eign funds. The two ma­jor rea­sons for this are un­friendly norms for for­eign in­vest­ment into real es­tate and the stub­born opaque­ness of the sec­tor it­self. It also needs to speed up in­fra­struc­ture de­vel­op­ment. Many key projects are heav­ily de­layed or pend­ing, and in­fra­struc­ture is ex­tremely im­por­tant when it comes to mak­ing real es­tate de­vel­op­ment vi­able in newly emerg­ing ar­eas as well as es­tab­lished ar­eas that have stag­nated due to in­fra­struc­ture dead­lock.”

2. Mr. Shailesh Pu­ranik, Man­ag­ing Di­rec­tor,

Pu­ranik Builders Pvt. Ltd, “We are very op­ti­mistic with the new sta­ble govern­ment and ex­pect­ing that the new govern­ment will take ini­tia­tives to re­solve the is­sues on real es­tate on top pri­or­ity which will re­sult in favourable growth of the sec­tor. Among the key mea­sures, real es­tate is look­ing for an in­dus­try sta­tus. Among other pri­or­i­ties, the sec­tor is also wait­ing for re­forms such as sin­gle win­dow clear­ance sys­tem to speed up the process and avoid huge de­lay in ap­provals. The new govern­ment will also re­solve the is­sues re­lated to speed­ing up of en­vi­ron­men­tal ap­provals. Easy ac­cess to funds and low in­ter­est rates on procur­ing cap­i­tal is also one of the vi­tal de­mands of the real es­tate sec­tor. We also need con­trol over prices of raw ma­te­ri­als re­quired for the real es­tate sec­tor. This sec­tor should be treated as one of the most im­por­tant sec­tors as it con­trib­utes a ma­jor share to the coun­try’s GDP.”

3. M Mu­rali, Man­ag­ing Di­rec­tor, Shri­ram Prop­er­ties,

“In my view the elec­tion and elec­tion re­sults have sig­nif­i­cant im­pact on the mar­ket sen­ti­ments. With now a de­ci­sive and sta­ble Govern­ment has emerged, the mar­ket will wit­ness re­turn of buy­ers in large num­ber­sthanks to restora­tion of their con­fi­dence, is my view. I do not for see any sig­nif­i­cant change in price move­ment as the scope is limited- given var­i­ous fac­tors. Prices may move up marginally rather I would ex­pect qual­ity hous­ing to be avail­able at rea­son­able prices to the buy­ers. My big­gest ex­pec­ta­tion in the new regime is that ‘it is not only there will be good gov­er­nance in the Govern­ment, Many real es­tate de­vel­op­ers too will make their en­ter­prises well gov­erned one’.

4. Anuj Puri, Chair­man & Coun­try Head, JLL,

“The in­dus­try ex­pects the new rul­ing govern­ment to be less de­pen­dent on smaller coali­tion par­ties for sup­port. A clear elec­toral man­date will help real es­tate in­vestors to ob­tain clar­ity on fu­ture poli­cies, which is crit­i­cal while mak­ing fu­ture busi­ness plans. The in­dus­try ex­pects REITs to be­come op­er­a­tional in In­dia so as to in­crease liq­uid­ity. The

. in­dus­try ex­pects the ap­proval and im­ple­men­ta­tion of the pend­ing Real Es­tate Reg­u­la­tory Bill. Even if the next govern­ment proves to be ‘real es­tate friendly’, it has its work cut out for it. There are vi­tal reg­u­la­tions and ini­tia­tives re­lated to real es­tate that have been gath­er­ing dust on bu­reau­cratic ta­bles which need to be fast-tracked and im­ple­mented.”

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