Monday, 2 March 2015

UNION BUDGET - Measures to revive the real estate sector

Developers are hopeful that the government will provide the necessary policy prescriptions in the Union Budget to boost the sector's growth.

The real estate community is hopeful that their just demands would be taken care of in the Union Budget. While some of the demands were taken care of in last year's partial Budget, others were left out to be taken up in the first full-term Budget, to be placed in the Lok Sabha later in the day today.

The Budget this year holds the key for the real estate sector which had been sulking under the pressure of slow growth and funding crisis for a prolonged period.

Neeraj Gulati, MD, Assotech Realty Pvt Ltd, is hopeful that the government will not overlook the realty sector this time. He says: Overseas investment in the form of FDI and REIT funding underlines the success for which the government is aiming to widen the road in real estate under the affordable category this would bolster the residential sector at large in the coming times.

Developers in the NCR wrestle with legal issues that most areas are ridden with. How does the developer community expect this to be resolved?

Manish Agarwal, MD of Satya Group and secretary, Credai NCR, says: If one considers the intentions and structure of the NITI Aayog, the government has made it pretty clear that they want the states and the Centre to work as a team rather than as d competing forces. The crux of the legal issues faced by the developers in the NCR lies in the yawning gap of policy making practices between the central and state governments.

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