“Invest in ready-to-move-in homes or projects that are RERA-approved,” says Parveen Jain, Vice Chairman of NAREDCO. He shared some interesting insights about the real estate sector in an exclusive interview with RoofandFloor.
Here are the excerpts.
How is the current market scenario for homebuyers?
The current market scenario for homebuyers is very favourable. Over the past two-three years, there have been negligible new launches by developers, and the emphasis has been on completing existing projects.
Moreover, developers have also been consistent in their efforts to decrease unsold inventory. All this transformed the real estate market into a haven for prospective buyers.
And with stringent regulations in place, coupled with the availability of ample options, now is the right time for homebuyers to take the plunge! I would recommend prospective buyers to go for ready-to-move-in projects as those are GST-free.
What are NAREDCO’s goals for this fiscal?
The National Real Estate Development Council (NAREDCO) is the apex body of the real estate sector, under the aegis of the Ministry of Housing and Urban Affairs. It has contributed to the formulation of many legislations and policies for the sector through representations, recommendations, and suggestions.
NAREDCO’s goals for this fiscal are multifarious, which include:
- Discussions with the government through meetings
- Seminars
- Conferences to highlight the problems faced by both homebuyers as well as the industry
In terms of demand, are there any noticeable changes when compared to Q1 2017?
When compared to Q1 2107, the demand for housing has recorded a significant rise. This can be largely attributed to the stabilised market conditions post RERA and GST. Projects in the affordable segment have particularly seen good traction, along with ready-to-move-in projects.
At present, what are the major problems faced by the Indian realty sector?
Instead of problems, let’s talk about the solutions. The government should look upon the following;
- Single-window clearance for timely delivery of projects
- Following public-private partnership model for affordable housing
- According Infrastructure status or Industry status to real estate sector
- Providing stress assets and construction fund to complete under-construction projects
What policy changes will transform the face of the Indian real estate sector?
As discussed above, single-window clearance, lowering of GST rate, following PPP model for affordable housing, and infrastructure status will increase the demand and supply, which will transform the face of the Indian real estate sector.
Your advice to RoofandFloor readers
Invest in ready-to-move-in projects or a project that is RERA-approved. Also, do not adopt wait-and-watch mode. With the sector becoming more transparent and organised, it is the right time to enter the market.