Post Election Impact on Real Estate
Billions of Indians have given their verdict and the results are finally out. The real estate sector in Modi’s first tenure no doubt got the maximum policy-related attention from the government. Historically, no other government has done as much for the real estate sector.
With Modi 2.0 becoming a reality, we take a look at the real estate’s stakeholders sentiments.
Niranjan Hiranandani, National President, NAREDCO,
“Our hearty congratulations to the new government Modi 2.0 and we look forward to the continuity of the progressive policies that were initiated in the past five years. We believe the new government works further for the structural reforms and steps that will boost real estate business and strengthen consumer sentiment towards Indian real estate. Furthermore, under the decisive leadership of the Hon’ble prime minister, the nation will be able to continue as the world’s fastest growing economy.”
Ashok Mohanani, Chairman, Ekta World and Vice-President, NAREDCO Maharashtra,
“The win of BJP is a reflection of India wanting sustenance, accountability and growth. Given the massive development that the country witnessed in the last five years, global positioning and international presence; we were always a name to reckon with. This win reinforces the belief that India is on the Global map and citizens of India want this transformation. We are therefore happy with this decision and are positive about further growth in the real estate industry.”
Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Limited and Tata Housing Development Company,
“The election results is good news for the real estate sector. We witnessed significant movement in the infrastructure and real estate sector along with the rise in GDP that resulted in job opportunities and confidence in the real estate sector. With the stability in the Government, we expect investments to increase and Private Equity will play a larger role.”
Prashant Solomon, MD, Chintels India and the Hon. Treasurer for CREDAI NCR,
“The 2019 general election results have led to renewed optimism across the nation. For a growing economy like ours, stability of the government is very important in order to facilitate implementation of regulations like RERA, REIT among others for the sector to function transparently and grow organically. As the government takes charge, we look forward to new regulatory mechanisms and initiatives.”
Ram Walase, MD and CEO, VBHC-
“Victory for the NDA Government is a great thing for policy continuity and stability. The revival of NBFCs and core sectors, acceleration of housing growth and employment generation should be the priorities for the government”.
Rohit Kapoor, CEO, New Real Estate Business, OYO Hotels and Homes,
“This overwhelming mandate is an endorsement of the pro-reform policies implemented so far. This is especially true for the real estate sector, which is labor and capital intensive and creates lakhs of economic opportunities. We look forward to contributing towards the new govt’s vision of providing quality housing. With the increased participation of the youth and especially women in the electoral process, the opportunity to also address the aspirations of the ‘co-living and co-working generation’ is immense.”
Manju Yagnik, Vice Chairperson Nahar Group & Vice President NAREDCO (Maharashtra),
“With the Government’s second tenure we urge them 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. To make processes smooth and ensure complete transparency, we are also looking forward to the digitization of the approval processes and furthermore single window clearance to avoid delays and quicken the overall process”.
Rohit Poddar, Managing Director, Poddar Housing and Development ltd and Joint Secretary, NAREDCO West,
“The sector expects the new government to emphasize more on re-energizing the reforms related to infrastructure investment, land acquisition reforms and speeding up the regulatory functions of the state. We expect the government would take measures to expedite and streamline the environment clearances for the new projects which is a 2 stage process and takes 2 to 3 years. The sector hopes better stability in the regulatory norms without too many changes.”
Aashish Agarwal, Senior Director, Valuation & Advisory, Colliers International India,
“The NDA Government’s return to power with a decisive mandate will reassure global and domestic investors of stability, certainty and continued focus on growth. The real estate sector has high expectations from the new Government to improve liquidity, balance fiscal discipline with the stimulus, expedite resolution of stressed projects and streamline implementation of RERA”.
Pradeep Aggarwal, Founder & Chairman – Signature Global India Pvt Ltd and Chairman,
“It is good news as the step that it has taken earlier will take a better shape now. It is always good to get a government that is concerned about a sector and the people involved in it. For the first time in many years, a government has shown an inclination towards paying heed to demands of the sector. The government has shown that it has good intentions to fulfill the Modi Ji’s vision ‘Housing For all by 2020’ and that it is not only a slogan.”
Ashish Bhutani, CEO, Bhutani Group,
“For any economy to grow there is a need for stable governance, and as the NDA is continuing its run we hope for the best. However, in the case of the last term, the steps were taken by the government, the implementation of RERA has organized the sector to an extent and has brought back the trust of the buyer.”
Parveen Jain Vice Chairman NAREDCO & CMD Tulip Infratech,
“Heartiest Congratulations and galore applause for the glorious victory of the new Government to continue at the centre for the next five years. The thumping victory of the government has got reiterated once again by Indian people’s mandate. Due to positive steps taken by the government in the last five years, the overall growth and development of infrastructure and Real estate is taking place at a very fast pace.”
As five years are too short a time to undo decades of work, the industry stakeholders have given this government the benefit of doubt and good wishes for a successful fulfilling tenure. It is an unenviable task ahead of the Modi government and all one can do is wait and watch to see whether the government can take up the task of unfettering the real estate industry from the chains that currently bind it.