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.