Real estate sector expects government push
Real estate sector has now high hopes from the new Government that has come to power with thumping victory. The sector expects the Government to uniformly implement RERA regulations across the States to improve buyers’ confidence. It should also create a single window clearance mechanism at the national level for easy approvals. Developers want the government to work to release the public land holding for the creation of additional affordable and mid-income housing. The need of the hour is also to significantly lower interest rates, thereby, improving affordability, liquidity and boosting housing demand. The impact of reforms has been reflected in the number of investments received by the real estate sector. Of the total institutional investments of $30 billion during 2009-2018, $20 billion as invested in 2014-2018. During the same period, the share of foreign investments more than doubled to 70 per cent in 2018 from 31 per cent in 2009. The institutional investments in 2019 will nearly double to $10 billion as compared to 2018. "We are happy and optimistic with the election results and are hopeful to see a new wave of transformation in the realty sector. In the long run we expect the sector to grow in terms of earnings and homes delivered. We hope that policies introduced in the previous term like from GST and RERA are seen through and implemented smoothly in this term. Further we hope that the new government puts the economy at the forefront and continues to carry out reform in the realty sector by creating jobs and augmenting growth.” Farshid Cooper, Managing Director of Spenta Corporation.
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