Realty industry hopes for better days under new government

Published: May 18, 2009

NEW DELHI: India’s realtors, one of the worst-hit by the slowdown, believes the sector will get more attention under the new government given its professed thrust on infrastructure. Anuj Puri, chairman and country head of realty consultancy Jones Lang LaSalle Meghraj, says the industry can expect the broad reform agenda would continue under the next United Progressive Alliance (UPA) government and the realty sector to benefit.

“The realty industry is reeling under severe pressure due to cash crunch and lending. With infrastructure as the key focus, the need of realty industry cannot be ignored,” Puri said.

Parsvnath Developer’s chairman P. Jain said realty companies expect more realty-friendly policies in the months ahead. The verdict has restored the confidence in the system. I feel this government will come with better policies for the real estate sector,” Jain said. Added Raheja Developers chairman and managing director Naveen Raheja:

“The election results have come up as a booster dose for different sectors including real estate, which is the second largest employment generator in the country. India was in dire need of a stable Government.”

Maintaining that the real estate sector is poised for a revival, Raheja said: “It will grow steadily and indubitably. Affordable housing will get attention. In a nutshell, formation of a stable government will certainly bring back confidence among investors and end-users and help in reviving the market sentiments.” The view was supported by the business chambers.

“The realty industry is under severe pressure. The availability of funds at low interest rate is a major issue,” said Harsh Pati Singhania, president of the Federation of Indian Chambers of Commerce and Industry (FICCI).

According to him, with a stable government in place, foreign investment will flow in. “Giving industry status will also help the sector.”

Source:Economic Times

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