Realty developers are ready with their list of demands as Budget 2016 approach es shortly. The year 2015 proved to be years of endurance and subsistence but to push the growth momentum in 2016, developers are hopeful of a proactive budget. "The budget 2016 will be a crucial affair for the realty market of Thane and Mumbai. There are huge expectations from the government. Recently, the Maharashtra CM announced an additional 0.3 Floor Space Index (FSI) for construction projects in Thane, which is a positive development for further growth of Thane city. Premium FSI will help the city go vertical, thus resulting in the creation of more housing stock, coupled with more stability in property prices. Vertical expansion is the best way to meet the rising demands of the city. This move will help in the proper and uniform development of Thane. There are many such expectations, which need to be fulfilled from budget 2016 which will be a game changer for Thane and Mumbai's realty markets," says Maulik Sheth, director, Sheth Corp. Experts believe that with the formation of a housing regulatory authority and realty bill, developers are keeping a close eye on the budget. The newly formulated amendments will encourage the developers to expand their horizon and deliver innovative products to its buyers.
Great expectations
"Like 2015, there is a lot of expectation from the budget of 2016. The year 2015 witnessed a lot of policy announcements and so facilitation of these policies is something that the industry is looking at. The sector has been demanding an industry status and this will help bring about a change in the whole sector. There is a need to streamline taxes and bring in further tax concession to enable more liquidity in the economy, thus giving a boost to higher consumption," feels a Tata Housing spokesperson. Experts point out that last year, the government set the bar by introducing REITs, which gave the industry a ray of hope to at tract the mid and small level investors but the industry and investors are still unclear on the implementation of the mechanism. The industry is looking forward to a balanced budget, which would give a boost to both, the industry and home-buyers.
Sandeep Ahuja, CEO, Richa Realtors, suggests, "With a rapidly growing economy, developers are enthusiastic about what is in store for the real estate sector. As the budget arrives, it also announces the amount of money that will be allocated for development projects like the metro train and infrastructure. A metro train in Thane is assumed to be in stock in the budget 2016. So, Thane's real estate has high expectations from the upcoming budget. In this budget, we await for clarity on GST and a cut in the corporate tax, which was announced in the last budget. Infrastructure like metro trains, roads and highways, work as catalysts in boosting the real estate market of an area. If the metro project in Thane receives a nod from the budget, then Thane will witness tremendous growth. At the same time, due to increased connectivity, Thane will become a preferred destination for consumers looking for property. Another factor that can accelerate the growth is road connectivity from Thane to different parts of Mumbai."
Growth prospects of Thane's realty market
The Union Budget's provisions, coupled with consecutive rate cuts and schemes, have boosted consumer sentiment towards first-home and end-user purchases. With a rapid growth in commerce in the region and the demand for housing, experts believe that the union budget 2016, will further firm up the prospects of Thane's realty market.
"Post the budget 2016, Thane's realty market is likely to witness acceleration in its growth, thus attracting new developers, product offerings and innovations in the sector. The budget is likely to bring in a wave of green buildings amongst the builders, which is the need of the hour. Open spaces and townships are the way forward to ensure planned development. Thane is considered as one of the prime locations with wide growth prospects in terms of realty and retail growth. Its connectivity with the suburbs and the outskirts of Mumbai further brightens its prospects. Quality housing with amenities, thoughtfully designed to cater to every need of the residents, drive interest of home buyers who may be the old gentry of Thane looking to upgrade their lifestyle or the first generation immigrants working out of the city. All in all, the future of the realty market looks bright and promising," opines Kaizad Hateria, general manager, corporate customer relations and asset class specialist, Rustomjee.
Home-buyers are looking at Thane as an investment destination, which can give them a healthy appreciation on their investments due to its commercial importance, connectivity and social infrastructure development. The government is serious about the growth of Thane as it has been selected as one among the smart cities to be developed in the country. Therefore, developers and experts are optimistic about the growth prospects of Thane, which seem very realistic, post budget 2016.
Source: magicbricks
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