Blueprint for good days
The realty sector is now starting to hope that “good days” will eventually return again with the promise of the new government coming to power. The biggest reasons for poor growth were lack of efficient policies and an unsteady and shaky economy. But with the coming of BJP, a lot of positive changes are expected such as changes at the macroeconomic policy level within a period of 12 to 18 months. Some of the new areas the new government will have to focus on are:
Affordable Housing
Since a notable housing shortage has been noticed in the urban areas and a large percent of the units belong to the weaker sections, finding houses at affordable prices is going to be a real challenge for the Modi government. Their task is to work on low cost prices in the main areas.
Fast Approvals
The process of acceptance and approval has been prolonged for real estate projects. This has become a major factor behind high price raises. A single window clearance has also been laid emphasis on by the industry.
Tax Reforms
A tax regime which has rationality will make houses affordable and reasonable. This also includes mutual funds, fiscal reforms with the FDI, ECB, REIT. Therefore tax reforms need to be laid emphasis upon by the new government.
Policy Overhaul
The final demand is granting of the industry status to the real estate sector. With the help of banking and NBFC sectors, easy funding will also become possible. Therefore the new government needs to focus on this too.
{Source: Geetu Vaid}
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