Real estate sector forecasts better days under new Government
Real estate players apparently have a lot of expectations from the new Government headed by Narendra Modi. Though Modi is yet to officially assume charge as India’s new Prime Minister, the country’s realty sector is hopeful of several realty-specific policy initiatives under his governance.
The policy initiatives which the real estate sector is anticipating from Modi’s government include a review of the FDI rules in housing; legislations related to Real Estate Investment Trusts (REITs); and efficient execution of Real Estate (Regulation and Development) Bill.
According to bigwig realty players, other than the mentioned policy initiatives, it is also being hoped that the new Government will look into other noteworthy issues, including the long-awaited infrastructure status as well as single window clearance system.
With market watchers also expressing the hope that the results of the recently-concluded elections will help improve the sentiment in the real estate market, Anshuman Magazine – Chairman and MD of CBRE South Asia Pvt Ltd – said that the formation of a stable Government, without dependence on coalition partners, will evidently prompt quicker decision-making and economic reforms.
Similarly, noting that a stable Government will be capable of taking and implementing policy decisions in an unfaltering manner, Sanjay Dutt – Cushman & Wakefield’s Executive MD, South Asia – said: “A stable government will lift the sentiments of the investor community, which will impact housing and office sales.”
Source: The Hindu BusinessLine
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