Realty Developers Expect Measures to Improve Ease of Doing Business, Says CREDAI

Real estate developers across the country are hoping to see an improvement in ease of doing business through measures in the upcoming Union Budget 2022 that would lead to positive sentiment in the sector.

Around 92% of developers surveyed by the property developers’ body CREDAI are looking to launch new projects this year if ease of doing business improves. Around 74% of surveyed developers are expecting the ease of doing business to improve.

“With the onset of the new third wave, we are expecting the government to look at additional measures for preparedness and controlling any further impact of Covid19. The survey report underlines top concerns of the developer community including controlling the input cost, introducing credit input on GST, increasing availability for funding, streamlining and faster approvals for projects which require urgent interventions to keep up the upbeat sentiment and encourage them to invest more in business,” said Harsh Vardhan Patodia, President, CREDAI National.

The survey was conducted amongst 1,322 developers from 21 states including 8 tier-1 cities in India including Mumbai Metropolitan Region (MMR), Delhi, Bengaluru, Pune, Ahmedabad, Chennai, Hyderabad, and Kolkata. CREDAI represents over 13,000 developers across 221 city chapters.

According to the survey, around 60% developers foresee a 20% price rise this year due to increase in prices of building materials.

Around 55% of surveyed developers would be adopting Virtual Reality (VR) in their business this year. According to 39% developers, online sales is contributing up to 25% to their business. Around 65% developers are willing to explore new business models including coworking and co-living this year, the survey showed.

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Source: economictimes.indiatimes.com