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  • BUDGET 2018: Little cheer for real estate sector

    Budget Rectification

    Photo Courtesy: Internet

    The Finance Minister delivered this government's fifth Budget amid subdued economic growth, challenging fiscal situation and farm distress. What makes it all the more important is the upcoming election in eight states this year and the General Election in 2019. Alike every sector, real estate which has the second largest employer in India was expecting higher attention. Budget 2018 brought little cheer for the sector.

    The Finance Minister in his budget speech said, the government will establish a dedicated Affordable Housing Fund in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the government. The announcements for the affordable housing sector have pleased the real estate sector.

    Mr Ssumit Berry, Managing Director, BDI Group, said "We welcome the Union Budget 2018-19 presented by FM Arun Jaitley with emphasis given to the affordable sector. The announcement of establishing dedicated affordable housing fund has brought more relaxation to the affordable housing sector not only this the benefit of increasing coverage under PMAY is also a positive news for the end users"

    Mr. Gaurav Mittal, MD, CHD Developers Ltd, said; The Finance Minister presented the Union Budget 2018, we welcome the budget. It has paved growth path for the affordable housing segment. Finance Minister announced of establishing dedicated affordable housing fund is an announcement at right direction aims to meet the overall housing target of the government of building 1 crore houses by 2019. Expanding of coverage under Pradhan Mantri Awas Yojna (PMAY) will fulfill every buyer’s dream of owning housing.

    Mr. Vineet Relia, Managing Director, SARE Homes; The Union budget brings some relaxation for the housing sector. The 1 cr houses to be built under Pradhan Mantri Awas Yojna (PMAY) and establishment of a dedicated affordable housing fund will act as a booster for affordable housing sector. Besides, the announcement of allotting Rs 2.4 lakh crore for 99 smart cities, will increase the investments in the sector. However, lowering of GST rates was also expected to provide the extra push to the sector.

    The Finance Minister, Arun Jaitley has said that as many as 99 cities were selected under the ambitious Smart city mission at an outlay of Rs 2.04 lakh crore. Smart Cities Mission is one of the ambitious initiatives of the Narendra-Modi led National Democratic Alliance (NDA)

    Mr. Pushpender Singh, Managing Director – JMS Buildtech Pvt.Ltd. said ; As Real Estate makes pivotal contribution to the economy, the fall in the GST rate in budget 2018-19 would have provided the extra boost to the sector. However, investment of 2.4 lakh crore for 99 smart cities will attract more investments into the market which will uplift the commercial reality and increase the demand for office spaces.

    The industry is, however, disappointed with no changes in income tax slabs or GST slabs, translating to no extra benefit to new home buyers especially in metro markets; the sector hopes that the next budget will bring good news next year.

    Mr. Rahul Singla, Director Mapsko Group, said Finance Minister Arun Jaitley presented his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of the affordable houses in the country. For next year, we expect a budget which will open a plethora of opportunities for real estate sector especially for ready-to-move-in which will help in the overall development of the country. 

    Mr Ravish Kapoor, Director, Elan Group, said; "Budget 2018-2019 was the last Budget before the upcoming lok sabha elections. Last year many reforms like RERA and GST were introduced to the sector, for this year budget we were expecting some more new reforms, but the Indian Government has not given much reasons for the realty sector to smile. In next year budget we expect more for the real estate sector.”

     
  • Elan Group Exclusively Showcased -Elan Miracle with Nargis Fakri

    Elan Group

    Elan Group, one of the renowned and fastest growing real estate developers in Gurgaon, Exclusively Showcased their recently launched Project –Elan Miracle in Association with their Exclusive Channel Partner Geetanjali Homestate PVT LTD.  Nargis Fakri was the special Star guest for the night.

    The Project was recently launched and was unveiled by Shilpa Shetty and the event was hosted by Neha Dhupia. Urvashi Rautela and Kanika Kapoor were Star performers in the event.

  • GST and RERA came in: what next for Realty Sector?

    GST And RERA

    In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. India was much in need of a regulatory body which could monitor this sector uniformly. So for this, the Indian Government launched RERA and GST.

    RERA or Real Estate Regulatory Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force on 1 May 2017. Very soon GST also kicked in on July 1, replacing the multiple taxes levied by the central and state governments and subsumed of all the indirect taxes, including central excise duty, commercial tax, octroi tax/charges, Value-Added Tax (VAT) and service tax.

    RERA along with GST is to bring transparency and better accountability in this sector. However, despite the arrival of the two the real estate sector is yet to get momentum.

    Industry experts are of the view that the industry will work properly only when there is an implementation of these new reforms (RERA and GST) are with true spirit and along with a time bound manner.

    "Both RERA and GST can be regarded as game -changer for real sector as they will provide a fillip to the sector by streamlining operations and ensuring transparency. However, the government still needs to put in place a single window clearance mechanism which is a long-awaited step for the industry,” said Ravish Kapoor, Director, Elan Group.

    Many states are still in the process of RERA implementation. Some have even deviated from main guidelines in their respective notifications, which dilute the essence of central law. More important is one area that needs attention - stamp duty. It will remain to continue into force even after GST came into force. The rates vary from state to state, which is from 5-7%. If this is abolished by the State Government, the final cost of the housing will reduce for sure.

    Though RERA and GST have been enacted as the transformative strategies in the real estate sector, the rules and regulations of the agendas are not clear. It may take 2-3 months for the clear understanding of the policies. Thus, there is a requisite on the part of the government to flourish the policies in a more systematic chain for the industry. Once the policies will be enacted in a consistent way, the Real Estate sector will get a positive push,” said Rahul Singla, Director, Mapsko.

    “Reforms like GST and RERA are fundamental reforms, which require substantial time for both implementation and results. Both these reforms are in preliminary stages of their implementation and we are yet to witness the real impact of these reforms. However in the short term, market is driven by parameters like interest rates, demand & supply and other economic drivers, all of which are currently in positive direction. We can expect a major upward movement in real estate in next two to three quarters,” said Pankaj Bansal, Director, M3M Group.

    Only future will reveal its impact in this sector, but let’s see what Indian Government will offer in the coming time.

  • RERA's effect on ongoing projects

    Elan Miracle Sector 84 Gurgaon   Copy

    Gurgaon: The Real Estate (Regulation and Development) Act (RERA) which has come as a protector of home buyers, and as a much awaited change which will boost business in the real estate industry.