Boosting India's Economy: What the Real Estate Sector Expects from the New Government
With a new government in power, the real estate sector is hopeful for positive reforms that will drive growth and development.
Real EstateInfrastructure DevelopmentSingle Window ClearanceReraAffordable HousingReal Estate MaharashtraJun 06, 2024
Infrastructure development is an area that the sector is eagerly looking forward to. Continued investment in infrastructure, such as roads, public transportation, and smart city initiatives, will not only improve connectivity and quality of life but also increase the demand for housing and commercial spaces. The government's focus on developing 100 smart cities is a step in the right direction, and the sector is expecting more such initiatives.
Another area of expectation is the introduction of a single window clearance system for all real estate projects. This will help in streamlining the approval process and reducing the time and cost involved in obtaining multiple approvals. This, in turn, will increase the supply of housing units, making them more affordable for buyers.
The sector is also expecting the government to introduce policies that will increase transparency and accountability in the sector. The implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) has been a step in the right direction, and the sector is expecting more such policies that will protect the interests of buyers and investors.
The government's focus on affordable housing is another area of expectation. With the goal of providing 'Housing for All' by 2022, the sector is expecting more initiatives to encourage developers to build affordable housing units. This will not only increase the supply of housing units but also help in addressing the issue of housing shortage in the country.
The real estate sector in India has been a significant contributor to the country's GDP. According to a report by the Indian Brand Equity Foundation, the sector is expected to contribute around 13% to the country's GDP by 2025. However, the sector has been facing several challenges, including high Unsold Inventory, liquidity issues, and lack of transparency.
India's largest real estate company, Lodha Group, has been a pioneer in the sector, known for its commitment to quality and customer satisfaction. With a presence in Mumbai, Pune, and London, the company has developed some of the most iconic projects in the country.
Frequently Asked Questions
What is the current state of the real estate sector in India?
The real estate sector in India is currently facing challenges such as sluggish sales, high unsold inventory, and liquidity issues.
What is the importance of infrastructure development in the real estate sector?
Infrastructure development is critical to the growth of the real estate sector, as it increases the demand for housing and commercial spaces and improves connectivity and quality of life.
What is the significance of the single window clearance system for real estate projects?
A single window clearance system will help in streamlining the approval process, reducing the time and cost involved in obtaining multiple approvals, and increasing the supply of housing units.
What is the goal of the government's 'Housing for All' initiative?
The goal of the government's 'Housing for All' initiative is to provide affordable housing units to all citizens of India by 2022.
What is the expected contribution of the real estate sector to India's GDP by 2025?
The real estate sector is expected to contribute around 13% to India's GDP by 2025.
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