2017 – The year of the great Indian real-estate renaissance?

The last year has been full of astonishments, bold decisions, shock value and policy changes from the government. However, all of these haven’t just been the characteristics in the real estate sector; this has been the case for the entire spectrum of Indian industrial space. A lot of ground has already been covered by the policy changes that have been put in place to make the real estate sector more organised and make it like a real entity and have also led to a lot of credence to the real estate transactions in the country. Some very pertinent regulations were put in place, for instance, increase the FDI cap or the Benami property transaction Act. The Real estate sector can no more be neglected by the government because it contributes substantially towards the GDP growth. These are the reasons that will make 2017 a huge year of change for real estate companies.

Fix civil administration responsibility towards providing infrastructure

There are almosts 90% real estate projects that are planned based on the planning of the infrastructure by the then running government. To get the infrastructure running to the required scale in the given amount of time is the responsibility of the civil administration. It is well known that as far as infrastructure update in a lot of cities has failed miserably regarding roads, basic amenities to include water supply, electric supply, sewage management so on and so forth. Sometimes the builders and developers are blamed for this when actually, the government should take all the blame and aim at fixing these issues.

Additional charges like IFMS, STP, WTP, etc. should be standardised throughout the country

Every state and city have its own variety of charges for the provision of basic amenities. Sometimes the builders are not clear about them, such charges need to be done away with as soon as possible, and all such charges need to be standardised as quickly as possible. There are numerous taxes levied on 1, 2, and 3 bhk flats in Thane, Ghatkopar, Kurla, Andheri and other areas in Mumbai. When it comes to the real estate sector, one draws a blank. No government records are digitised, nor do builders have any online inventories or sales or management.

Digitisation of land records

This has to be accomplished on an immediate basis. Certain states and cities in the country have already begun to do this. However, there is still a long way to go. To set a complete transparency, a cent percent digitisation needs to be achieved by the civil administration. A synergy can better the issuance policy changes and its adoption by various real estate companies need to be done. There were reports of dilution of some clauses and the union minister had issued severe warnings for them already. GST bill will be another game changer with the affordable housing the Tier II cities will attract more investors rather than the Tier 1.

Hence it is evident that 2017 will surely be a huge year for real estate developers like neelkanth woods and all we need to do is wait and watch patiently as it all unfolds!