The 2017 Budget, which is likely to be announced on 1st Feb. 2017, is being awaited by Indians eagerly. With the implementation of new policies like RERA and GST after PM’s demonetization drive in country, realty biggies expect the focus of government on infrastructural growth in this year's budget.
With the Union Budget 2017 round the corner, the country’s realty biggies shared their expectations with Entrepreneur India from the upcoming FY18 Budget in the 2017-Estate Awards show, organized by Franchise India.
India is a Great Opportunity for Real Estate
On being asked what is lacking from the government’s end to reach the completion stage in infrastructure-based projects, S Sikka of Sikka Group and Builders said, “For rapid development of country’s infrastructure growth, the government should work on clearances. Once the clearances are faster, everything will take place on its own.”
He further added that despite the government claiming that the clearances have been simplified, there is still lot of problems in it which is perhaps hampering the growth.
RERA and GST will Bring Transparency in Work Process
While the new legislation policies like RERA, land acquisition and Goods and Services Tax (GST) are on the table for its implementation in the upcoming Budget, Director of Gulshan Homz, Deepak Kapoor said, “With legislations coming in like, RERA policy and Goods and Services Tax (GST), there will be more transparency and more openness with one set-rate of tax in industry.”
“As far as RERA is concerned, we are making every aspect of industry transparent, open and very informative towards the end consumer as that will bring more confidence in buyers. Not only in Indian consumers but in the NRI community as well”, he further added.
More Organized Work is Needed in Architect Segment
In terms of trends the large opulent building is not going to go well. The projects should be compact. Each unit should have one-set, it could be 1BHK, 2BHK, Studio-size etc. told the founder and an architecture of Bobby Mukherjee & Associates, Bobby Mukherjee.
On being asked how the country can head towards infrastructural growth with the new emerging trends in architecture and design he replied, “Infrastructure space is totally dependent on government in India, which needs to be more organized, structured with an aim to spur the country’s overall infrastructural growth."