Will the Real Estate sector boost maintaining its pace and eventually pick up speed with the onset of the second phase of the present government? Are Flats In Rajarhat available with new pricing charts? Is the real estate market aiming to see advancement in the industry topped with doubled up investments from the both domestic and foreign market along with a hike in business with the help of the new formed five years plan? Well, reports of the same are being updated every minute. Are these thoughts of businessmen completely vague or do these policies actually get implemented in the next tenure of new government Rule? Considering all the updates being listed, it is evident that something great is coming towards the real estate market and crucial impulsion to all around infrastructure expansion is on its way, major policies revamps such as DeMo, RERA, GST and REIT with amended old acts like Insolvency and Bankruptcy Code and the Benami Transactions (Prohibition) Act with envisaged schemes like 100 Smart Cities, Housing, Make in India, AMRUT Cities, etc. dictated by the present government in its first tenure may all get implemented in this term. With the present government still grasping with delayed housing projects along with stacking up unsold inventory and liquidity crisis hitting its very existence, everyone expects that restoration of this industry will come forth sooner or later by the end of present governments second tenure. Hence real estate needs a thrust from a determined government to become authentic.
Real Estate market at the present is witnessing major issues and it requires immediate consideration from the government, surfeit of stuck or deferred housing projects are massively piling up with unsold stock across cities (ironically contrasted against huge housing deficit), unaffordable property prices for the largest part of the Indian population and the ongoing liquidity crisis of developers to improve these conditions. Moreover, for such demands the real estate sector is looking up to the government to improve liquidity, balance fiscal discipline with impetus, expedite resolution of stressed projects and streamlining the execution of RERA. The industry eagerly waits to encounter REIT launches institutional players, newer businesses around co-living, flex-space and PropTech to open up, in a couple of years. Real Estate companies are fervently twiddling its thumb Housing for All project to boost even though they believe that it could consume maximum time for completion yet the wait is worthwhile. With rationalizing the taxes by subsuming stamp duty under GST will grant relief to home buyers, henceforth. Those aiming to get a property in Rajarhat should know that this is the best time for investing in property. If this crisis is taken care of particularly for Real Estate construction permits and transparency in the field could make India land on the Top 10 list in the world. India had recently landed in the Top 80 list In the World Bank Doing Business Report.
For a growing economy like India, stability is important to make possible execution of regulations such as RERA, REITs among others for the sector of function transparently and grow organically. Unhindered policy in the growth of Real Estate is most awaited and all these will only be the truth if the present government closely focuses on policies on Real Estate and if the delayed or stacked land is released as soon as possible. Well, reform does not come in a day and such enormous dealings take a lot of time hence everyone is waiting calmly to have a glimpse of the new era with these initiatives obtained by the government. This probably will be the final stage of the governments’ journey towards a New World within India.
By LNN (Liyaans News Network)