By 2020, the real estate
sector will be a $180 billion industry, shared experts during the 12th
real estate sector annual conference organised by Confederation of
Indian Industry (CII). The major growth drivers for the same are
government initiatives such as Real Estate Regulatory Act (RERA), 100
Smart Cities programme, real estate investment trust (REIT), Goods and
Services Tax (GST) and Make-in-India initiative.
Commenting on this, Sriram Kalyanaraman,
Managing Director and Chief Executive Officer, National Housing Board
(NHB), shares that Smart City projects, digitisation of land records,
relaxation of corporate tax from REIT will contribute to the realty
growth which will infuse positive investor sentiments. Further, home
loan disbursements done by NHB have been very encouraging.
Pinaki Misra, Member of Parliament and
Chairman of Parliamentary Standing Committee on Urban Development,
shared that the support from Centre will be crucial for real estate
sector to grow.
The experts also felt that the government and private
sector need to collaboratively contribute to the development and growth
of the sector. Getambar Anand, Chairman and Managing Director, ATS,
adds that the real estate sector is performing well due to good demand
for housing and the government should ensure that the regulations do not
drive away investments from the sector. Meanwhile, Anshuman Magazine,
Chairman, CBRE - India and South East Asia, is of the opinion that for
Indian real estate to sustain, there are two key pillars, namely, a
balanced regulatory framework and healthy financing environment.
Further, policies such as REITs and RERA will provide impetus to the
sector.
Rumjhum Chatterjee, Chairperson, CII, shares that the
Real Estate (Regulation and Development) Act 2016 will form a
high-level framework to infuse positive investor sentiments. In
addition, initiatives such as Smart city projects and 'Make In India'
will aid the growth to the sector and attract foreign investments.
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