NAREDCO Urges New Government for Policy Reforms in the Real Estate Sector

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    In the aftermath of the 2024 Lok Sabha elections, the National Real Estate Development Council (NAREDCO) is calling on the incoming government to enact policy reforms aimed at spurring growth in the real estate sector. Led by NAREDCO National President G Hari Babu, the organization emphasizes the critical need for governmental support to address the challenges facing the industry.

    Current Challenges

    According to G Hari Babu, the real estate sector is at a pivotal juncture, poised for growth but hindered by significant challenges. Rising home loan EMIs and interest rates have made housing unaffordable for many middle-class families. Babu asserts that addressing these affordability issues is paramount to achieving the sector’s ambitious growth targets.

    Proposed Solutions

    To alleviate the financial strain on homebuyers, NAREDCO proposes several measures. These include tax incentives and adjustments to financial limits to make affordable housing more accessible. Babu advocates for lower interest rates on affordable housing loans, particularly for the initial years, to stimulate demand and facilitate home ownership.

    Policy Reforms for Sustainable Growth

    In addition to addressing affordability, NAREDCO stresses the importance of implementing specific policy reforms to drive sustainable growth in the real estate sector. Babu calls for financial incentives for developers adopting sustainable building practices and suggests subsidies or tax breaks for affordable housing projects to promote long-term viability.

    Streamlining Regulatory Processes

    Industry experts, including Anarock Chairman Anuj Puri and PropEquity CEO Samir Jasuja, highlight the need for streamlining regulatory processes to expedite project approvals. They assert that a stable government with a focus on development can bolster investor confidence and attract foreign investment, thereby stimulating sectoral growth.

    Future Outlook

    Looking ahead, stakeholders like Pradeep Aggarwal, Founder & Chairman of Signature Global (India), emphasize the importance of infrastructure development in realizing the nation’s developmental goals. They express optimism that the new government will prioritize the real estate sector and advocate for measures such as extending income tax benefits on home loans and addressing Goods and Services Tax (GST) issues.

    In conclusion, NAREDCO’s call for policy reforms underscores the urgency of collaborative action to unlock the real estate sector’s potential and drive inclusive growth. As the new government assumes office, stakeholders remain hopeful for meaningful reforms that will facilitate sustainable development and economic prosperity.

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