Real estate sector will witness a changed environment with improved customer sentiments and enhanced growth”

New Delhi, December 27, 2016: According to Mr. Prashant Tiwari, Chairman Prateek Group: “The changes in real estate market have already started happening with measures like not increasing base rates, implementation of Real Estate (Regulation & Development) Act, relaxes in FDI norms and exemption of service tax on construction of affordable houses up to 60 square meters. Benami transaction act, Infrastructural developments and many other proposals lying in pipeline will eventually take the realty market towards improvements and progressions in coming year. Therefore outlook for the next year 2017 is very much positive. We are optimistic that real estate sector will witness a changed environment with improved customer sentiments and enhanced growth”.

According to Mr. Deepak Kapoor, President, CREDAI Western UP: “There is growing positivity in the real estate sector that can now hope for a new phase of growth, be it in the commercial or the residential segments. The government has taken various steps to ensure that an atmosphere of growth and development is created for real estate sector. Moreover, the economic status of our country is also improving which will further boost the demand for properties. Considering the developments and changes which are taking place in the realty sector currently, property market is expected to much improve in 2017. People looking for buying homes should take the benefit of the present scenario and invest in properties as prices are stable at this point of time and interest rates are also less. FDI norms will attract cash inflows which will be supportive for us as well as the entire sector. We are hoping that Union Budget 2017 will bring big bang reforms to spur economic development. Once GST Bill is implemented, it would boost transparency and uniformity in real estate sector, it also reduce the burden on taxpayers considerably. Western UP Region has been developing day by day, regions like Noida, Greater Noida, Raj Nagar Extension & Greater Noida West have witnessed unsurpassed growth in past few years. Properties in some of these regions have got good price appreciation and the trend will continue in future also”.

According to Mr. Akshay Taneja, MD, TDI Infratech Ltd.: “2017 will definitely be a good year for real estate sector. Year 2017 will help real estate sector in a big way as many positive changes have already taken place in the current year. The coming year is therefore expected to write a new growth story for real estate sector. These include reduction in interest rates, interest subsidy to home buyers, increased loan portfolios, increased and ease FDI in real estate & construction sector, implementation and introduction of real estate regulatory authority and GST bill etc. With sufficient boost from the government, the realty market is expected to see gleaming days in coming future”.

Corporate Comm India(CCI Newswire)