Govt policies must be implemented strictly to boost real estate sector: Experts

DW BUREAU / CHANDIGARH

Confederation of Indian Industry and Indian Green Building Council organised Real Estate Summit with the theme ‘Real Estate Sector in Tricity: Ahead of the Curve’ at CII Northern Region Headquarters here today.

Harish Gupta, President, Builder Association, Zirakpur, said, “The incumbent government has implemented numerous policy changes like RERA, GST and affordable housing, which have significantly impacted the real estate sector. These reforms have brought in dynamic changes which have led to positive growth momentum in the sector. The implementation of RERA introduced formality and compliance which has made the home buying process much more lucrative and transparent, leading to increased credibility and reliance amongst buyers. The norms and policies introduced by the Government must be implemented in letter and spirit to boost the sector.”

Sarvjit Singh Virk, Chairman, CII Chandigarh, said, “Emergence of nuclear families, rapid urbanisation and rising household income are likely to remain the key drivers for growth in all spheres of real estate, including residential, commercial and retail. Chandigarh is a city that is making growth in both commercial and residential sector as compared to its sister cities in Punjab. However, the demand for housing sector in Chandigarh has increased to such an extent that it is now outstripping the supply. The limited area to expand the residential area and strict bylaws are the major reasons for this scenario. It is because of this reason, the property rates in Chandigarh are coming down, while the prices are going up in Zirakpur, Mohali and Panchkula due to rise in demand of residential properties.”

PK Juneja, Partner, Exotic Realtors & Developers, said, “Real estate is one of the major contributors to the economy by supporting innumerable ancillary industries and providing employment to millions directly and indirectly. Growth in real estate has multiplier effect on the economy. It is time that real estate sector get an industry status. This would enable developers to raise funds at lower rates and cut down their cost of capital which would eventually have a bearing on overall project costs.

(editor@dailyworld.in)

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