Over the past few months, the invigorated Real Estate sector have changed due to various policy and regime changes dawning with the introduction of demonetization, which was considered as a major event for the real estate sector followed by the implementation of RERA (Real Estate Regulatory Authority), the GST regime and the government’s push towards the Affordable Housing segment via PMAY (Pradhan Mantri Awas Yojana). With the inception these policies especially RERA, the realty sector has become more organised and have become accountable for more transparency.
After government’s proactive steps to boom the real estate market and a renewed emphasis to bring back some life in it, the policies that the government came up with will still be impactful and the sluggishness in the realty market that happened post demonetization will tend to improve and the investors have to remain a bit cautious about lending liquidity to development during the run up to the election. Though under the central government, the measures taken had a short-term negative impact, the Indian real estate has been set to flourish in the long-term.
Mr Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder & Chairman – Signature Global India pvt ltd elaborates, “The Central government has really aided and changed the face of the real estate sector by implementing different policies and now with the General Elections at hand and the recent rate cut by RBI, the sector is really expected to see a boost and improve the transparency and accountability of the sector.”