The Festival of Democracy, General Elections are one of the biggest festivals that is celebrated in every corner of the country with a lot of enthusiasm. Now, after the landslide victory of the Modi-led National Democratic Alliance in General Election 2019, it has formulated the government on 30th May 2019.
Now, when all the hush-hush has come to an end, promoters and developers are still speculating how the new government will impact the Indian real estate market. The last few years were not that happening in this sector. A pile of unsold inventory and price stagnation are to name a few things that kept the Indian real estate industry struggling all these years.
However, in its last tenure, the NDA Government tried to take a lot of initiatives to revive the sector, including implementation of RERA (Real Estate Regulatory Authority) and Pradhan Mantri Awas Yojana (PMAY). As NDA is again coming for the next 5 years, the hopes are pretty high this time. So, here are some of the expectations of Indian real estate after 2019 election.
- There were several housing projects that were launched by the Modi Government especially for the economically weaker section. Projects, such as Housing for All by 2022 and Smart City Mission are still underway. With NDA again coming in power means that the work would continue on these projects without any intervention. The entire Indian real estate lobby is welcoming the new government with open hands as it was the stability that they were hoping in the sector.
- After the insolvency of some of the biggest builders in the country, there is a dire need for better clarity in the insolvency code and Indian real estate law.
- The Indian real estate market is looking forward to rise in terms of the number of homes delivered and the revenues generated. On the other side, home buyers expect that the policies that were formulated in the past like GST and RERA would get implemented and strengthen in the next five years.
- The construction work on the forest lands where tribal rights are involved is still something that keeps the interests of developers in nowhere. There are numerous projects that are interrupted due to environment clearance policy and unsettled compensation rules under the Forest Rights Act.