Real Estate News
July 22, 2016
By 2020, the real estate sector will be a $180 billion industry, shared experts during the 12th real estate sector annual conference organised by Confederation of Indian Industry (CII). The major growth drivers for the same are government initiatives such as Real Estate Regulatory Act (RERA), 100 Smart Cities programme, real estate investment trust (REIT), Goods and Services Tax (GST) and Make-in-India initiative.
Commenting on this, Sriram Kalyanaraman, Managing Director and Chief Executive Officer, National Housing Board (NHB), shares that Smart City projects, digitisation of land records, relaxation of corporate tax from REIT will contribute to the realty growth which will infuse positive investor sentiments. Further, home loan disbursements done by NHB have been very encouraging.
Pinaki Misra, Member of Parliament and Chairman of Parliamentary Standing Committee on Urban Development, shared that the support from Centre will be crucial for real estate sector to grow.
The experts also felt that the government and private sector need to collaboratively contribute to the development and growth of the sector. Getambar Anand, Chairman and Managing Director, ATS, adds that the real estate sector is performing well due to good demand for housing and the government should ensure that the regulations do not drive away investments from the sector. Meanwhile, Anshuman Magazine, Chairman, CBRE - India and South East Asia, is of the opinion that for Indian real estate to sustain, there are two key pillars, namely, a balanced regulatory framework and healthy financing environment. Further, policies such as REITs and RERA will provide impetus to the sector.
Rumjhum Chatterjee, Chairperson, CII, shares that the Real Estate (Regulation and Development) Act 2016 will form a high-level framework to infuse positive investor sentiments. In addition, initiatives such as Smart city projects and 'Make In India' will aid the growth to the sector and attract foreign investments.
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