Real Estate industry’s expectation from new government

By Accommodation Times News Services

The election results are out and the country has got a new government in power, the whole country has many expectations from the new government, so as is real estate industry, real estate developers, investors, consultants and professionals are waiting for the change and expecting some positive moves, that can bring improvements in the industry. Here are some views of real estate industry people what they are expecting form the new government.

arvind jain Pride Group  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.”

Mr. Shailesh Puranik, Managing Director, Puranik Builders Pvt. Ltd. 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.”

M Murali, Managing Director, Shriram Properties 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 numbers- thanks 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’.

anujPuri--310x465 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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