Government Policies must be implemented strictly to boost real estate sector, discussed at CII Summit

Chandigarh: Confederation of Indian Industry and Indian Green Building Council organised Real Estate Summit with the theme ‘Real Estate Sector in Tricity: Ahead of the Curve’ at CII Northern Region Headquarters, today.

Harish Gupta, President, Builder Association, Zirakpur, said, “The incumbent government has implemented numerous policy changes like RERA, GST and affordable housing, which have significantly impacted the real estate sector. These reforms have brought in dynamic changes which have led to positive growth momentum in the sector. The implementation of RERA introduced formality and compliance which has made the home buying process much more lucrative and transparent, leading to increased credibility and reliance amongst buyers. The norms and policies introduced by the Government must be implemented in letter and spirit to boost the sector.”

Sarvjit Singh Virk, Chairman, CII Chandigarh, said, “Emergence of nuclear families, rapid urbanisation and rising household income are likely to remain the key drivers for growth in all spheres of real estate, including residential, commercial and retail. Chandigarh is a city that is making growth in both commercial and residential sector as compared to its sister cities in Punjab. However, the demand for housing sector in Chandigarh has increased to such an extent that it is now outstripping the supply. The limited area to expand the residential area and strict bylaws are the major reasons for this scenario. It is because of this reason, the property rates in Chandigarh are coming down, while the prices are going up in Zirakpur, Mohali and Panchkula due to rise in demand of residential properties.”

P K Juneja, Partner, Exotic Realtors & Developers, said, “Real estate is one of the major contributors to the economy by supporting innumerable ancillary industries and providing employment to millions directly and indirectly. Growth in real estate has multiplier effect on the economy. It is time that real estate sector get an industry status. This would enable developers to raise funds at lower rates and cut down their cost of capital which would eventually have a bearing on overall project costs. The move would be an ideal fillip for the sector.”

Dr S P S Grewal, Vice Chairman, CII Chandigarh, said, “Backed by excellent government policy initiatives, the Indian real estate sector, constantly adapting new housing technologies, is offering significant growth opportunities for its stakeholders who are globalising themselves by forging vibrant international partnerships. The analysis of the future of real estate in Chandigarh Tricity predicts positive growth as an increase in the number of directly employed people is expected  to be >60,000. Also, new projects launched in the range of 30L – 45 Lakhs are growing steadily in the city.”

Mr Jit Kumar Gupta, Chairman, IGBC Chandigarh Chapter said, “CII-Indian Green Building Council (IGBC) with the support of all the stakeholders has facilitated India in becoming the second country in the world in terms of largest registered green building footprint with various types of projects adopting IGBC green building standards.” 

Mr M Anand, Principal Counsellor, CII- IGBC  said, “Over the years, stakeholders have taken conscious decisions of revamping their operations and aligning themselves to efficient business practices and adopting green building concepts & technologies.” These positive interventions and initiatives is equipping the sector set new global benchmarks, he added.

Leave a Reply