The Indian real estate sector has witnessed its share of ups and downs in recent years. The pandemic had left the industry struggling with unfinished projects, unsold inventory, low buyers’ confidence, project delays, and negative cash flows. Despite this, it has made a strong comeback and today stands tall as a thriving pillar of our economy and growth.
A number of growth-promoting regulatory developments and initiatives announced over the last couple of years have played a pivotal role in this regeneration of the real estate sector. Initiatives and measures taken by the government are helping to revive the sector and are expected to pave the way for strong sector growth in the coming years.
Industry experts have noticed that over the last couple of years, Indian consumers and NRIs have regained their confidence in the real estate market. Contrary to popular belief, the investment flows and demand for quality real estate projects, in fact, continued to grow even after the brief hiatus during the pandemic.
The role of the government in growth
The government plays a crucial role as a regulator and defines the set rules that govern the working of the industry. The Government of India has undertaken various regulatory reforms and initiatives that are aimed at developing the real estate sector. The real estate market in our country is, however, unregulated, making it difficult to find accurate information on factors that are likely to affect pricing and demand, like sales records, property ownership, and other important data.
The government should step up and set high standards for industry governance while still encouraging creativity and innovation. In addition to the government’s support and implementation of various policies, it will usher in transparency and confidence and also give a boost to other factors, such as affordability, sustainability, and the rest.
The challenge of transparency
A transparent real estate market is extremely vital for making informed decisions when it comes to urban infrastructure and sound long-term urban planning. Transparency is also a key element in attracting new investment to a city, boosting business efficiency, and raising your employee well-being and productivity.
It is important to ensure transparency about regulations, standards, and metrics for sustainable buildings to move towards a cleaner economy.
The role of builders and brokers
Builders should maintain transparency with prospective buyers about the projects they are trying to sell. They should ensure that they obtain the proper approvals for their projects without misleading buyers. It is also important that a regulatory body imposes strict penalties on those who break the rules and debar those who are habitual offenders.
A real estate agent or broker should always adhere to the guidelines set by NAR India. While the role of the buyer or end-user may be minimal, it is still of great importance. It is also the broker’s responsibility to ensure that the interest of the other stakeholders is protected.
The real estate sector is one of the key driving forces behind India’s economy. Infrastructure development and housing could be the aggressors in reviving the country’s economy during a recession. In India, the real estate sector is responsible for generating approximately 15% of all jobs. As such, it becomes important to have robust policies & ecological regulations in place while real estate drives growth!
At RGS Realty, we firmly live up to our ideal of Build Good. We take robust measures to ensure that your homes are full of goodness while we landmarks that are an embodiment of excellence. To know more about us and our projects, visit https://www.rgsrealty.com/