Real Estate industry’s expectation from new government
Here are some views of realty industry people on their expectations from the new governemnt.
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.”