Union Budget 2013: Real estate boost key to overall GDP growth

The need of the hour is to bring in a slew of reforms to revive the Indian growth story. We are optimistic that the Union Budget 2013 will announce certain essential measures to achieve this. An ideal budget would be the one which not only caters to the Aam Aadmi’s concerns but also promotes growth of various industries to provide an impetus to the sliding economy. Our expectation is a populous Budget which also promotes investment and takes steps to control inflation.

Talking about the Real Estate Sector; it has been one of the major contributors to India’s GDP and is a growth driver in the Indian Economy.  The sector has been awaiting the mush deserved “Industry’ status and we hope the government addresses the same. I am hopeful that the Union Budget 2013-14 will turn a new leaf in the sector by giving clearances to pending positive proposals like the Real Estate Regulatory Bill. Administrative reforms like single window for clearances will also give an impetus to the sector. The Real estate sector has been battling the lack of funds; Cuts in policy rates would lead to the influx of liquidity in the market and would also lower the interest rates, thus fuelling growth.  Improved funds to facilitate better infrastructure development should be imperative.

My wishlist includes:                                                                          

• “Real Estate Regulatory Authority” for introducing transparency
• Cut in Policy rates leading to lower interest rates
• Increase tax benefits on residential housing loans
• Improved fund flow to infrastructure sector
• Investment friendly policies
• Enact the Model Real Estate (Regulations & development) Act.
• Introduction of Single Window Clearance System
• Standard Operating Procedures for funding in Real Estate.