Modi government is hailed as one of the best and most powerful political governments of recent times. It’s credited with bringing about some of the most reformative steps that revitalized and boosted the growth of various key industries in India, especially the Indian real estate sector.
Modi government – during its first term – had been instrumental in pushing the real estate sector in the right direction. It’s various initiatives – RERA, REIT, demonetization, and the introduction of GST – made the Indian real estate sector more organized, transparent, and structured.
By bringing in investor-friendly policies and strong real estate regulations Modi government has changes the face of Indian realty sector for good. During its second tenure too, the realty experts are hopeful that Indian real estate sector will continue to grow at a rapid momentum.
The realty experts are hopeful that during it second term too, the Modi 2.0 government will continue to strengthen its reforms and initiatives to propel the Indian realty sector forward.
Here’s how Modi 2.0 is believed to contribute towards the next-generation development of the Indian real estate market:
Healthy economy will translate into increase in housing demand
A stable government at the centre is expected to fuel the Indian economy and facilitate increase cash flow into the country. This coupled with major proposed economic reforms will boost the spending capacity of the consumer, revitalizing the Indian realty sector and increasing property investment in India.
NRI investors will hold a good investment portfolio
Modi government is always touted as NRI investor friendly government. Thanks to the government’s major economic policies and reforms, the Indian real estate sector featured high on the radar of global investors. In fact, during FY 2018-19, around USD 11 billion were invested into the Indian realty sector by foreign investors. A lot of NRI investors invested in residential property in Noida, Gurgaon, Bangalore, Pune, Ahmedabad and other major cities of India. This time, the numbers are expected to beat all previous records.
Smart cities initiative will uplift the face of Indian realty sector
Smart cities and smart homes are the needs of the day. During Modi 2.0, the government will push the completion of its most ambitious Smart Cities Mission with much force and power. This will have a positive impact on housing sector too as more and more builders and developers will pitch in to work toward the construction of smart homes, buildings, and cities, bringing in more revenue and investment into the Indian realty sector.
Policy revamps will further push the industry forward
During its last tenure, the government has initialized various policies and proactive measures to streamline the real estate sector in India. RERA, GST implementation, and demonetization were just a few of them. This term too, the government is expected to strengthen these reforms, and add many more to the list, to strengthen the realty sector, bring in more uniformity in the industry, and boost demand and sales.
Affordable housing will be the new name of the game
Propelling its “Housing for All” agenda forward, the Modi government during its last term promised to provide affordable houses to every citizen of India by 2022. For this, the government has pledged to build 29.5 million rural homes and around 12 million urban homes. With the same government in power for the next 5 years, realty analysts are hopeful that affordable housing will evolve at a steady momentum and will fuel the growth of real estate sector in India.
The only thing that’s needed for now is continuous efforts from the government to push the realty sector forward and boost its growth in the years to come.
