Pre-Budget Expectations by Reeza Sebastian, President, Residential Business, Embassy Group

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New Delhi, July 03, 2019: The Real estate sector is the 2nd largest employment generator, which is set to contribute close to 13% of the country’s GDP going forward.

In the back of several positive developments in the right direction, it is imperative to address some of the gaps with key focus areas in the upcoming budget:

  • Successful implementation of RERA (Real Estate (Regulation & Development) Act) in all states, ensuring accountability from all stakeholders concerned.
  • Public participation is key to the growth of infrastructure for future. The Government should create awareness among the masses on the need for better infrastructure, even if it means the Pay to use model.
  • Ease the liquidity crunch for making funds more accessible to home buyers and consumers, which will again boost Indian real estate sector.
  • Developers need to seek on an average of 25 approvals for each project which increases project timelines, delivery and the cost significantly. A simplified online approval process with a single window clearance will speed up the process and benefit the sector.
  • Adoption of digital technology will increase transparency and help boost the confidence of global investors in the Indian Real Estate sector. Both government and private parties need to implement the key attributes of block-chain technology to modernize real property conveyance and improve processes for recording deeds and other related instruments.
  • There should be a robust government mechanism which can address issues such as hoarders, black marketers and sand mafia or else cartels will be detrimental to the future of the construction sector.
  • The much awaited “Industry Status” will simplify the approval process, attract equity investment, improve transparency among other large impetus providing measures to the booming Real Estate sector in the country.

Corporate Comm India(CCI Newswire)