With the current government stepping in, the prevailing environment favours a positive impact on the Indian economy and the real estate sector. Political stability instills confidence among consumers and investors. Our nation is well on track to emerge as the third-largest economy in the world by 2027. There is a strong demand for homes. Currently, our focus remains steadfast on stability and incremental improvements in fundamental resources. The increasing number of affluent individuals in the country is particularly beneficial for the luxury real estate segment.
To ensure that many initiatives taken by the government, such as RERA, are effectively impactful, a more rigorous tuning is required. In the trajectory of NDA 3.0, the Union Budget should also dedicate attention to incentivising homeownership. It’s time to consider reducing the GST burden on homes to encourage construction activity. Now is the opportune moment to address the issues of home loans by rationalizing interest rates. – Amit Goyal, CEO, India Sotheby’s International Realty.
Realty should be given industry status
With the stock market soaring, sentiments in the real estate market are cautiously optimistic, especially as the BSE Realty Index crossed 8,400, reaching its highest level since 2008. Moreover, it has seen a rise of 4-5% in the past few weeks alone. The continuous focus of the incumbent government on the growth of fundamental resources and the consistently positive outlook in recent years have been beneficial for the housing sector. Efforts should be made to encourage foreign investment and make funds more accessible to further bolster the real estate sector. – Srinivas Rao, Director, CEO, Westian.
Support Needed for Real Estate
We hope for constructive interventions from the new central government in terms of constructive reforms and policy support for the real estate sector. National policies related to RERA, GST implementation, logistics parks & data centers, and national infrastructure pipelines and speed power national master plans have instilled confidence in the market. These long-term initiatives, while promoting economic education, are crucial in equalizing growth in the economic system by engaging both public and private stakeholders equally. Revolutionary decisions need to be taken to achieve a trillion-dollar market in the real estate sector, projected to grow at 13-15% of GDP by 2030. – Badal Yagnik, CEO, Colliers India.
