The real estate sector in India has been stagnant for the past seven to eight quarters and it needs a major boost in the form of new reforms and incentives for its revival.
(PressReleasePoint): Chennai, Tamil Nadu
The real estate sector in India has been stagnant for the past seven to eight quarters and it needs a major boost in the form of new reforms and incentives for its revival. Along with the individuals from the industry, the government needs to address the property buyers’ needs. Factors that are directly correlated to potential buyers like home loan rates and tax deductions need to be reworked.
IndiaProperty.com recently conducted a survey that captured the sentiments and expectations of individual property seekers from the upcoming Modi budget and we found that 41.4% of people are hoping that the government would set up the long pending real estate regulatory body. This would bring about the much needed transparency in the sector and thereby revive buyers’ trust in the industry. Besides this, the body will also keep a tab on the corruption the sector faces.
The survey also went on to show that 55% of people are expecting deductions on home loan rates.
Only if the Modi-led government focuses more on buyer-centric reforms, can the real estate sector revive.
Another sector where one can expect activity is affordable housing. With the promise of providing homes to everyone by 2022, the Modi government would definitely allocate funds for the affordable housing segment. With the majority of the country’s population falling under the BPL (Below Poverty Line) segment, the new government would take steps to provide homes to as many individuals as possible.
Those from the real estate industry also hope that the Modi-led front will bring about changes to the process of obtaining clearances and do this at the earliest. If the clearance procedure is simplified, the move will empower investors.
While the government is working towards overhauling the country’s infrastructure, a catalyst like a single window clearance facility will lure many investors who wish to fund infrastructure projects in the future. Our survey also pointed out that 44.1% of people are expecting the government to boost the country’s infrastructure. Better infrastructure will help reboot the country’s economic state.
Ganesh Vasudevan, CEO IndiaProperty.com agrees and says, “For the real estate industry, priority areas will be infrastructure, reviving property buyer’s sentiments and affordable housing. The long pending task of bringing in a regulatory body would be once such positive step. With increasing home loan interest rates it makes sense to increase the limit of tax rebate given on home loan interest. One can expect allocation of funds for development of affordable housing and development of highways.”
Real Estate, Chennai
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