Need a strong government to stabilise the real estate sector

Narendra Modi-led National Democratic Alliance’s victory has been welcomed by the industry leaders. The real estate industry is in a stage of revival and the real estate leaders were looking forward to a strong and stable government at the centre which would accelerate the growth of the sector.

Shahid Usman Balwa, Vice Chairman & Managing Director of DB Realty says, “The past few months have witnessed the revival of the real estate industry, but the sector is still grappling with a multitude of issues. The ongoing liquidity crisis and the slow pace of environment clearance are acting as impediments in the industry’s path to progress. We have high expectations from the government and are hopeful that it would look into resolving these two issues.”   

Several steps were taken by the government in its first term for the improvement of the industry. RERA brought in more accountability, while the reduction in GST rates and interest subsidy for affordable housing has made it easier for the common man to buy his dream home, thereby realising the government’s aim of “Housing for all by 2022”.

The absence of a single window clearance has negatively impacted the industry. Shahid Usman Balwa of DB Realty further adds, “Unnecessary documentation and delay in getting the clearance are negatively impacting the real estate industry. We expect the government to set up a strong and transparent single window clearance for faster and easy approvals. This would streamline the system thereby benefiting both the developers and the buyers. It is also imperative that the government lowers the interest rates which would make it more affordable to own a home”

With the BJP winning by a huge mandate, there are a lot of expectations from the newly appointed government. The developers are looking forward to some noteworthy initiatives that can bring the industry back on its feet.