RICS Conference on Built-environment
RICS India, hosted a conference titled “The Turning Point in Built Environment in the perform or perish economy” on November 14 in Mumbai. The conference talked about the impact of Goods and Services Tax (GST) and Real Estate (Regulation and Development) Act (RERA) on the real estate sector, how proptech is changing the face of the real estate sector, planning and implementation of transit oriented development in India and diversity, leadership and talent in the real estate sector.
Senior management of key stakeholder groups such as real estate developers, construction companies, financial institutions and banks, infrastructure developers (many of whom are chartered members of RICS) came together to discuss conference themes and build collaborative networks.
The key speakers at the event were Mr Sachin Sandhir, Global Managing Director, Emerging Business, RICS, Sean Tompkins – Global CEO, RICS, Amanda Clack FRICS – President, RICS & Partner & Head, Infrastructure – E&Y,. Shreya Gadepalli – Director – South Asia, Institute for Transportation and Development Policy, Tara Subramaniam – MD & COO, Loan Origination and Analysis – JM Financial Credit Solutions Limited and Anuj Puri FRICS – Chairman & Country Head – India, JLL.
During the conference, RICS launched the second campus of RICS School of Built Environment, Amity University (RICS SBE), a collaboration between RICS and Amity University. The announcement was done by Dr Sean Tompkins, Global CEO, RICS and Dr Aseem Chauhan, Chancellor, Amity University in the presence of Sachin Sandhir, Global Managing Director – Emerging Business RICS. The launch of the school has received support and blessings from Hon’ble Union Minister of Railways, Suresh Prabhu, in addition to having the support of the Ministry of Urban Development, Government of India.
RICS also released a white paper titled, “Decoding GST and Real Estate Regulation” at the conference, which explores the nuances of the impact of GST and Real Estate (Regulation and Development) Act on the real estate sector and examines specifically if there are any issues that could cause ambiguities or discrepancies in the sector.
The white paper concludes that GST by itself cannot be treated as a panacea to real estate market woes – both for the buyer and for the seller or developer. Broader policies in land and housing/ commercial stock management, ensuring availability of appropriate financing resources etc. will be just as important to leverage the opportunity posed by GST
Real Estate (Regulation and Development) Act which will have a long lasting impact on the real estate sector will help in ensuring that real estate projects get completed on time. Provisions in the Act such as imposition of similar penal interest for developers and homebuyers will incentivize timely delivery of projects, says the white paper.