Expectations of real estate players from Modi 2.0

As the NDA government came back to power for their second tenure, the citizens have started to welcome the new decision and are expecting much from the government. The first five-year term of the government was dominated by housing, roads and toilets, and now the citizens of the country placing their hopes in the ruling government. The real estate business is doing well from the past years. On account of transparency in pricing and delivery happening into the Indian real estate sector post-RERA implementation and various government schemes either in terms of lowering the GST and Repo Rate leading to lowering of home loans, the home buyers have shown positive sentiments towards home buying across India in the year 2018.

With Modi 2.0 underway, several developers have raised the bar of expectations, voicing why the government needs to pour more attention in the realty sector.

Stating his expectation from the BJP government, Subodh Runwal, Director, Runwal Group on General Elections results. Kindly consider in your story. “I believe that this a vote for development and particularly for the real estate industry, it will provide housing for all before the next elections. We are also hopeful that in the ease of doing business related to construction permits & transparency we will be in the top 10 in the world. I am hopeful that the government will make housing affordable in all major metros by reducing the taxes, premiums and GST levy by the govt. and will also infuse liquidity into the banks & NBFCs dealing with the real estate sector.” 

Welcoming the BJP party Babulal Varma, Managing Director, Omkar Realtors says "Real estate sector welcomes the new government and expects that it will bring in newer reforms and policy for added transparency to get the sector back on a fast track. Concerning Mumbai city, the new government should immediately take a relook at the current  GST structure for SRA and redevelopment vertical in Mumbai which accounts for close to 55-60% of all development work being carried out. We are confident that the new government will look into this double taxation issue, in order to make Mumbai slum-free faster.”

However, Navin Makhija, Managing Director, Wadhwa Group said "The government needs to continue its focus on housing for all 2022 vision. More focus is needed on completion of ongoing infrastructural projects which will benefit the affordable housing clusters in areas like Panvel in MMR region of Mumbai. These infra projects will boost residential realty in and around the city like Mumbai"