Real Estate Sector Expects Positive Reforms

As the new government has assumed charge, stakeholders in the real estate sector will be keenly observing its policies and actions to gauge the potential impact on the industry. The real estate sector will be pinning its hopes on the new government for various reasons, including potential policy changes, economic reforms, and initiatives aimed at boosting the industry. Here are a few expectations from the real estate experts from the new government.

Prashant Sharma, President, NAREDCO Maharashtra

On behalf of NAREDCO Maharashtra, I extend my heartfelt congratulations to the new government on their election victory. The real estate sector is a cornerstone of economic growth and development, and we eagerly look forward to collaborating with the new administration to drive forward initiatives that will enhance the sector’s contribution to the state's progress.

The real estate industry has always been a significant employment generator and a key contributor to the state’s GDP. In light of this, we have several expectations from the new government:

Policy Stability and Simplification: Consistency in policy and regulatory frameworks is crucial for long-term investment planning. We urge the new government to ensure that policies are simplified and made more transparent to facilitate ease of doing business.

Infrastructure Development: Continued investment in infrastructure, such as roads, public transportation, and smart city initiatives, will significantly boost real estate development, particularly in suburban and emerging areas.

Affordable Housing: We anticipate reinforced support for affordable housing projects through incentives and subsidies, which will not only provide housing for all but also stimulate demand in the sector.

Single Window Clearance: Implementation of a single-window clearance system for project approvals will reduce delays and costs, enhancing efficiency and encouraging faster project completions.

Tax Reforms: Rationalisation of GST and other taxes related to real estate transactions can provide much-needed relief to developers and homebuyers alike, fostering a more vibrant market.

Sustainability Initiatives: We look forward to government support for sustainable and green building practices, ensuring that development is environmentally responsible and resource-efficient.

We believe that with the right policies and support, the real estate sector can significantly contribute to the vision of a prosperous and developed Maharashtra. NAREDCO Maharashtra is committed to working closely with the government to address challenges and harness opportunities for the betterment of the industry and the state.

We are optimistic about the future and confident that the new government will prioritise the needs of the real estate sector, ensuring its growth and resilience.

Pritam Chivukula, Vice-President, CREDAI-MCHI and Co-founder & Director, Tridhaatu Realty

As we welcome the new government, the real estate sector is filled with optimism and anticipation. Our industry, which is a significant contributor to the nation’s GDP and employment, looks forward to policies and initiatives that will foster growth, stability, and transparency.

Firstly, we hope for continued emphasis on housing for all, ensuring that affordable housing projects receive the necessary incentives and support. The Pradhan Mantri Awas Yojana (PMAY) has been a cornerstone in achieving housing goals, and we look forward to its further expansion and efficient implementation.

Infrastructure development remains a critical area. Enhancing connectivity through robust infrastructure projects not only boosts real estate development but also uplifts the overall economy. We anticipate increased investment in urban infrastructure, smart cities, and transportation networks.

"Additionally, with a growing demand for skilled labour in construction, initiatives for training and upskilling workers are essential to ensure quality construction and timely project deliveries. With the right policies and support, we are confident that the real estate sector can thrive and play a pivotal role in shaping India’s economic landscape."

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