LOW INTEREST, HIGH ACCOUNTABILITY

Developers are hopeful that 2016 will bring focused government interventions and a modest cut in interest rates.

“Although 2015 witnessed massive growth by way of revised and reduced interest rates, a further reduction in 2016 may provide an additional boost,” says Rushank Shah, director of sales at Hubtown Ltd, a construction firm.

However, a slash in rates must be accompanied with a number of other backings, such as the passage of the proposed Development Plan (DP) 2034 and the State Regulatory bill, says Manju Yagnik, vicechairperson of construction firm Nahar Group.

“While the DP will ensure further growth in the industry, the Regulatory Bill will help in bringing fair practices, such as timely possession,” she says.

According to the national real-estate bill, it will be mandatory for brokers of real-estate to register themselves. “This will put pressure on the middlemen to take further cognizance of proposed projects, and also ensure that there is a certain accountability in the industry’s service providers,” says Kapoor. “The bill could ensure that serious players enter the field, and curb unscrupulous practices.”

Ravi Ahuja, executive director of realty consultancy Cushman & Wakefield India, adds, “In 2016, the government must prioritise setting up a body that gives real-estate brokers professional status and recognition. Right now, it is very easy for anyone to enter the profession, but some standards must be set so as to keep away fly-by-night operators.”