As the NDA government comes back to power for the second time, the real industry is hopeful that the government will address the concerns that are pending for a long time. The first five-year term of the government was dominated by some landmark reforms which vitalised and boosted the Indian real estate industry. Policies like RERA, GST, Demonetization and REITs have been instrumental in making the sector transparent, organized and more structured. The government has also taken prudent steps to boost the infrastructure in the form of affordable housing, new industrial corridor, smart city plan and much more.
With Modi 2.0 underway, several developers have raised the bar of expectations as the economy is expected to boost facilitating more foreign funds inflows in the country. With a stable government at the centre, the realty industry is expected to see a new hope of light going forward.
Mr Navin Makhija, Managing Director, The Wadhwa Group
The Government needs to continue its focus on housing for all 2022 vision. More focus is needed on completion of ongoing infrastructural projects which will benefit the affordable housing clusters in areas like Panvel in MMR region of Mumbai. These infra projects will boost residential realty in and around the city like Mumbai.
Mr Babulal Varma, Managing Director, Omkar Realtors
Real estate sector welcomes the new government and expects that it will bring in newer reforms and policy for added transparency to get the sector back on a fast track. Concerning Mumbai city, the new government should immediately take a relook at the current GST structure for SRA and redevelopment vertical in Mumbai which accounts for close to 55-60% of all development work being carried out. We are confident that the new government will look into this double taxation issue, in order to make Mumbai slum-free faster.
Mr Subodh Runwal, Director, Runwal Group
I believe that this is a vote for development and particularly for the real estate industry; it will provide housing for all before the next elections. We are also hopeful that in the ease of doing business related to construction permits & transparency we will be in the top 10 in the world. I am hopeful that the government will make housing affordable in all major metros by reducing the taxes, premiums & GST levy by the Government and will also infuse liquidity into the banks & NBFCs dealing with the real estate sector.