Real estate applauds BJP's victory: Here's what the sector expects from Modi 2.0

Real Estate (Regulation and Development) Act (RERA) came into effect under the Modi government. This was aimed at resolving home buyers' issues and at implementing better legislation. The Modi govt also implemented the Goods and Services Tax (GST), while the first real estate investment trust (REIT) was also listed during the 5 years of NDA rule. The impact of these reflected in the number of investments received by the real estate sector.

Citing GST, RERA and the plan of affordable housing for all by 2022, several developers have raised the bar of expectations.

"We are happy and optimistic with the election results and are hopeful to see a new wave of transformation in the realty sector. In the long run, we expect the sector to grow in terms of earnings and homes delivered... we hope that the new government puts the economy at the forefront and continues to carry out reform in the realty sector by creating jobs and augmenting growth," said Farshid Cooper, managing director, Spenta Corporation.

Experts believe that strong and stable government will further boost the economy and benefit the real estate sector.

“The strong and steady government should bring about stability with remedial actions without much delay to revive the shock of last quarter economic growth. The stable government reflects the faith reinforced by the aspirational India which enhances the confidence index domestic as well as globally," said Niranjan Hiranandani, national president - NAREDCO and managing director - Hiranandani Group.

He is also hopeful that the government will redress and resolve the prolonged issue of liquidity crisis that it is facing currently.

“Given the political stability and the fact that India is a growing market, there will be no dearth of private investment for India Inc. from across the world," Vikas Oberoi, CMD, Oberoi Realty Ltd said.

Amit Wadhwani, co-founder, Sai Estate Consultants is of the view that the continuity of the same government will boost the building of homes for the affordable housing where the prices will suit the demand of the segment.

However, Manju Yagnik, vice chairperson Nahar Group and vice president NAREDCO shared her views by saying, “It is high time the government recognizes the sector’s age old problem of ‘Industry Status’. Granting industry status will solve the long term financial aid problem by boosting investments in the sector whilst ensuring transparency at the same time."

"Loan restructuring for realtors will further assist in completing the stuck projects and ensuring timely delivery of the same, which is a major issue faced by the developers currently. We further urge the government to cut down on the home loan rates for the homebuyers as this can help in achieving ‘Housing for all’ by 2022 and provide major monetary relief to the potential homebuyers,” she further added.