'Affordable housing, RERA & GST to boost real estate sector'

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Saurabh Gupta | 20 Jul, 2017
Affordable Housing, RERA and GST are phenomenal measures to boost Indian Real Estate Sector, Pinaki Misra, Member of Parliament & Chairman of Parliamentary Standing Committee on Urban Development said at CII Realty 2017 Real Estate 2020 - Footprint For The Future in New Delhi on Wednesday.

Addressing industry leaders he said, "As the sector is facing slight challenges but with the implementation of GST, it would be beneficial for all in the long term. He also said all states must work in tandem to implement RERA to ensure its success."

He added that there are certain hurdles that can be eliminated with digitisation that would accumulate all the specific land records. He also emphasized on abolishing multiple clearances that would give pace to realization.

In his address, Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Affairs, Government of India, said, "There is need to understand the consumer sentiment for safe investment. Developers should focus on developing buyers' confidence with timely delivery of possession. States should actively implement construction timeline. Affordable Housing will get much coveted infrastructure with boost in housing finance and improve infrastructure."

He also said there is significant growth in the loans up to 10 lakh by 43 percent and demand in smaller is high among all. Technology and sustainability will play key role to drive the real estate, he added.

Anshuman Magazine, Chairman, CII Realty 2017 & Chairman – India & South East Asia, CBRE, said, "This are very interesting times for India's real estate sector. Never before had we seen so much activity aimed at boosting the segment."

"Various government reforms like demonetization, RERA and GST are impacting the overall sector," Magazine said.

He said while in the short term, these reforms are causing some pain and I believe that in the long term dynamics continue to be positive. The implementation of these policies will bring about transparency and efficiency which in turn will lead to an increase in consumer and investor confidence, said Magazine.

In the coming years, we will witness further traction towards infrastructure which will infuse growth and create more opportunities for the sector. He also added that, medium to long term investment will increase which will create a remarkable difference for the real estate market. He further added as the market adjusts to the new reform and way of doing business, the future for the sector looks very promising.

Rajeev Talwar, CEO, DLF Ltd, in his address said India had changed vividly and huge opportunities lie in real estate sector that would create jobs for the population in India. He said that there was need of strict implementation of regulation with adherence to time line provided. He added that Affordable Housing, RERA and GST would be gamechanger in Real estate and will create an opportunity for developers as well as buyers to fulfill their aspiration.

Babu Khan, Regional Director, Confederation of Indian Industry (CII), Northern Region, said, "CII has been working closely with Government and stakeholders of all the states of Northern Region towards effective implementation of RERA."

He added that with the objective to create awareness on RERA and GST, CII Northern Region has been facilitating training programmes across Northern States in coordination with the State Governments.

The event marked the presence of eminent Speakers from K Raheja Group, SARE Homes, Select Infrastructure, Hiranandani Group, HDFC, American Express, SBI and others with presence of over 200 delegates from Real Estate Sector.