NOIDA: Fed up with the poor policies, multiplicity of authorities and corruption, UP-NCR industries and real estate is riding on Modi wave. The experts believe that the stable government would rejuvenate the economy, and this will subsequently leave positive impact on the NCR market. The industries players have been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. It is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects while the consumer is expecting reduction in home loans and rationalisation in real estate pricing.
P Sahel, vice chairman, Lotus Greens Developers said Indian industries were awaiting a robust government, which will make the market viable for sellers and buyers. “The industry, for a long time has been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. at the same time, the consumer is expecting reduction in home loans and rationalisation in real estate pricing,” Sahel said it is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects. So considering all these factors, we hope the new government will surely roll out policies favouring realty sector,” Sahel said.
The experts said that positive sentiments were visible on Friday during the trend of early vote counts presented by media groups. The trends had injected a new wave in the economy and the BSE Sensex and Nifty rallied to record life highs, breaching the psychologically important mark, while the rupee strengthened high against the dollar.
“The real estate market is based on sentiment and the positive sentiment which was missing from the market again rejanuated with the Modi government. Entire industry and buyers were suffering from the slump. With the transparent policies to boost the industries and serving the common men, we are expecting good results in the couple of months. People who had put their investment on hold will hit the market for investment and I would suggest that this is the best time investment in real estate for earning handsome profit, said Amit Gupta, MD, Orris Infrastructure.
“There is need to focus attention of Government on the imperative urgency of reforming the current wasteful and dilatory process of Plan approval through multi-Agencies of Central and State Governments acting individually and adding to the time and costs of starting and completing any Urban Space Development Project. All objective Reports and studies state that the current dilatory, multi-Agency processing of Development Plans add up to 40% cost of the project,” Gupta said. “If implemented, industry can double housing stock, reduce sale prices up to 25%, increase state and central government’s revenue by 100% as well as local Municipal authority’s revenue doubles, establishment cost of government authorities at all level by 70% and increase GDP by 1.5%,” said Anil Mithas, CMD, Unnati Fortune Group.
“We are hopeful that the real estate market, which provides bread and butter to crores of people of this country would be revived soon. The positive sentiment was missing from the market, which is why some sectors were not doing well. With the functioning of the new governments, the market will witness more growth and strength. The real estate had started witnessing revival signings after four states polls outcome last year December and its a right time to buy property otherwise post elections rates would go up and put burden on the buyers pocket. We are expecting real estate full fledge revived by August this year,” said JK Jain, CMD, Designarch group.
“The UP-NCR industries were reeling under deep slump for a long time. For the last 13 years no big industry has turned up in Noida and Greater Noida due to maligned law and order and rigid policies. There is no back up for the industry, positive sentiments were missing and at the same time harassment has gone up. With the stable government, we are hoping that entire economy will revive soon and this will influence UP-NCR,” said Gaurav Kumar Bansal, social activist.