Realty experts want new Government to make changes to stagnating legislations
Realty sector experts are expecting the new Narendra Modi-led Government to make a slew of changes to the stagnating legislations pertaining to the real estate industry, and pave the way for a “new India.”
Experts who are pushing for modifications of legislations – as well as improved transfer pricing regulations to attract investors – include professionals dealing with issues related to corporate law, real estate, transfer pricing, and consumer electronics.
According to Navin M Raheja, chairman of the Real Estate Committee for Assocham, experts are hopeful that the new Government will not only recommence the halted infrastructural projects, but will also create IT-enabled software and processes to facilitate on-line clearance mechanisms free of any snags and bottlenecks.
Raheja said that such changes will expedite the country’s regaining of lost ground with regard to growth and development.
As per Maadhav Poddar, associate director – Real estate Practice, EY, the key legislative changes which the real estate sector seeks from the new Government include the introduction of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts, accompanied by requisite changes in tax and FDI regulations.
Further adding that the new Government should also, on a priority basis, grant ‘industry’ status to the real estate sector, so as to make low-cost funding available, Poddar said: “The government also needs to overhaul the existing FDI policy for the construction development sector.”
Source: The Financial Express
ASSOCHAM, Narendra Modi led Government, New government, Real Estate Industry, Realty experts, Realty News
