DELHI: Even before Narendra Modi has taken the oath of the office, real estate players have drawn out their wish list.
The sector is looking forward to a number of policy initiatives, including a review of the FDI rules in housing, REIT legislations and effective implementation of Real Estate (Regulation and Development) Bill.
‘The long-awaited infrastructure status and single window clearance system are the other significant issues that the new Government will have to look into according to industry players.
Anshuman Magazine, Chairman and MD, CBRE South Asia Pvt Ltd, said: “The formation of a stable Government not dependent on coalition partners will hopefully mean faster decision-making and economic reforms. If GDP growth picks up, one of the early beneficiaries would be the real estate industry. However, the economic fundamentals have to be tackled, infrastructure projects implemented with a sense of urgency and housing mortgage interest rates have to decline before we would see any significant impact on the real estate market.”
Market watchers said election results are expected to improve sentiment in the real estate market.
Sanjay Dutt, Executive MD, South Asia, Cushman & Wakefield, expects that policy decisions will be taken and implemented unfalteringly by a stable Government. A stable government will lift the sentiments of the investor community, which will impact housing and office sales.
Pradeep Jain, Chairman, Parsvnath Developers, said: “We firmly believe the sector will be given industry status this time, which will ease all fund inflow. Also, we hope the Government will take corrective measures to boost FDI into the sector.”
“The consumer is expecting reduction in home loans and rationalisation in real estate pricing. It is expected that implementation of proposed GST framework, tax benefits for buyers and real estate developers will percolate downwards benefiting the end-buyer of affordable and mid-income projects,” said P Sahel, Vice Chairman – Lotus Greens Developers Pvt Ltd.