New Delhi, January 04, 2014: The Poll results and the change in Government spreads a wave of positive sentiments in the real Estate sector. The expectations of the developers have drastically increased and all eyes are on the steps that would be taken up by the new party in power to speed up the delays that are faced by the developers for clearance and approvals as this leads to the delay in projects and also increases the cost of project by almost 40%.
If we see the graph of the new projects that were launched by the developers in 2013, we will see a drop in launch of new projects as compared to previous years which in turn has resulted in inadequate supply of housing stock. This was due to the problems that the developers or builders have to face due to the delay in approvals or clearance of the projects. Real Estate sector plays an important role in driving the economy of our country to a new high. At present, it contributes 6.3 percent GDP and has a capability to drive economy to a double-digit growth. For the growth of this sector appropriate steps should be taken to subsidies the interest rates for the housing loans etc that would lead to the growth of Real Estate Sector. The experts believe that the clear mandate will lead to economic growth. The experts believe that the market is sentimental and will respond very soon.
At this Tarun Shienh, The Real Estate Guru & CMD Premia Group says, “The real Estate Bill that was passed in 2013 has helped to bring transparency in the Real Estate sector. But it would contribute in the growth of the Real Estate sector only when the other peripherals are also managed, like clearance of any project should be given within 15 days of submitting all papers for the projects by a developer, inflation should be controlled and most important the rupee should become stagnant.
It was expected that with the fall in the value of Rupee, NRI would invest in the Indian Real estate sector, but nothing like that happened as there is no stagnation in the value of the Rupee. So we have high hopes after the poll results that the Real Estate sector which has the most caliber to contribute in the growth of economy would witness strict steps for its growth in coming years by the government.” — (Business Wire India) —