The Modi wave has made real
estate sector to jump for the hope for revival in moolah of the
under-performing industry. In order to bring in great transparency, The Noida
Real Estate has sent proposal to Narendar Modi for the implementation of single
window clearance.
Though it is one of the most sought
after business in India, but it still it has not received that status and
reputation which it suppose to be. The internal lack of coordination among
builders and authorities has left it in a phase of darkness. Lately, real
estate market has suffered a lot due to the uncertain political environment
surfacing the country. The real estate players expect that the new government
would ensure industry status to the sector which will ultimately ease the
inflow of funds. Apart from this, due to government intervention the move will
also ensure a better regulated framework and increased transparency in the
business.
For a developer in U.P. it takes
almost one year to get all necessary clearances, therefore developers expect
from Modi that he will take care of all such issues and permit single window
clearance for developing new projects. There is an urgent need to reform the
approval process as state and central agencies act individually without any
correspondence between them, which delays the project from kicking off. The
ongoing multi-agency processing of projects adds 40 percent to the overall cost
of the project.
In a current scenario, real
estate market directly or indirectly employs lakhs of people and its demands
cannot be ignored any longer. It is estimated that if a smooth and efficient
system is put in place, the industry will be able to reduce prices up to 25
percent which will double the sales.
If the government implements such
a scheme, the buyers will be benefited with affordable projects. Government
will get profit from a healthy real estate industry as it will lead to an
increase in state and central government's revenue by 100 percent and hike the
nation's GDP by as much as 1.5 percent.
While the industry is pinning
many hopes to the Modi government, it is all set to accept its own
responsibility towards the growth of sector. As BJP's manifesto has promised
housing for all, the builders are looking forward to work with the government
in achieving that goal. The members and officials of CREDAI NCR have committed
for its full support to the government's proposed ideas for making India a
strong nation and a better society.
The real estate developers are
hopeful that Modi's government will work towards the economic stability of
country. They expect that the government will reboot the regulatory framework
surrounding real estate and put a mechanism for fast-tracking the process of
developing projects. This in turn will boost the confidence of stakeholders in
the real estate industry.
After waiting for so long,
Narendra Modi has emerged as the prime minister of India after garnering
majority votes. The advantage is that 2014's NDA-led government is touted to be
one of the most stable governments after almost two decades.
