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Indian Real Estate News : Chennai
Real estate expects industry status in Modiís rule
Source: The Times of India May 18, 2014
The real estate sector has been yearning for the industry status for long now. After facing disappointment time and again, the sector now expects this move from the new government, which in most probabilities is going to be the NDA-led government.

Real estate market has suffered a lot, lately due to the uncertain political environment surfacing the country. However, after waiting much, Narendra Modi is emerging as the next prime minister of India after garnering majority votes. The advantage is that 2014ís NDA-led government is touted to be one of the most stable governments after almost two decades.

With the obvious election results yet to be announced, the industry has already started pouring in its expectations on considerable attention to be given to the real estate sector. Pradeep Jain, chairman, Parsvnath Developers Ltd says, "We expect the new government would ensure industry status to the real estate sector which will ease the inflow of funds."

The benefits of industry status to the real estate sector are recognised as apart from availability and inflow of funds, the move will also ensure a better regulated framework and increased transparency in the business due to governmentís intervention.

Aman Agarwal, director, KV Developers Pvt Ltd says, "We are hopeful that Modiís government would work towards countryís economic stability. We expect the government to reboot the regulatory framework surrounding real estate and put a mechanism for fast-tracking the process of developing projects. This is turn would boost the confidence of stakeholders in the real estate industry."

While the industry is pinning many hopes to the new government, it is ready to accept its own responsibility towards the sectorís growth. Raj Modi, officiating president, CREDAI NCR and director of Ashiana Homes says, "As BJP's manifesto promised housing for all, we look forward to work with the government in achieving that goal. CREDAI NCR commits its full support to the next governmentís proposed ideas for making India a strong nation and a better society."

With positivity and optimism pouring in from all directions, the real estate sector is definitely looking on to a change for the better. It's for time to tell. Lets' wait and watch!

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