 "Here's how positive investor sentiment could return to the real estate sector")
Mumbai: The real estate industry, which has been going through a rough patch for the last few years, believes that a stable government after the ongoing national elections will revive the investment sentiment, a report said.
“The real estate sector is holding its breath for the potential optimism which is expected to boost investment sentiments. The next government’s economic and employment policies will be key drivers to growth in the real estate sector for the next five years,” Jones Lang LaSalle’s Ramesh Nair said in a report.
“The business community is looking at a stable government with a new Prime Minister and a new Finance Minister. As an industry, we have been bringing to fore the need to addressthe issue of housing on a war-footing.
“The new Prime Minister and Finance Minister will decide the future and we expect positive things to take place in the coming years,” Rustomjee group chairman Boman Irani said.
[caption id=“attachment_76444” align=“alignleft” width=“380”]  Representational image. AFP[/caption]
According to experts, investment sentiment in the realty sector is likely to improve post-elections.
The country received less than 1 percent of total $130 billion invested in the real estate sector in the Asia Pacific region in 2013.
“Fence-sitting investors and home buyers will remain spectators during this election season. Election results do not make or break a market, but they are likely to reinstate confidence and uplift home buyers’ sentiment. Post-elections, if the road to recovery is unhindered, property buyers may very well re-enter the market in good numbers,” Nair said.
ASK group managing director Sunil Rohokale said, “Investors, both domestic and global, want to invest in the real estate in the country, but due to lack of clarity on policy front and challenges on supply side they are deferring their decisions.
“The new government will have to deal with increase in governance in asset class and bring in ease of investment and exits. We believe we will have a stable government which willaddress these issues.”
Shriram Properties managing director M Murali said, “We have seen the Ahmedabad development model. It is necessary that such models are replicated in other parts of the country as well. We believe once we get a stable government, the sector will see a boom.”
He, however, maintains that with the boom, the sector needs to regulate itself and should not wait for any regulatory bill to govern it.
“The government will also have to take steps to ensure effective implementation of the various reforms and policies formed by the outgoing government,” Murali said, adding “policies related to land acquisition, rehabilitation, clearances, real estate regulation bill should be implemented efficiently”.
Industry experts, however, believe the real impact of any changes will not reflect for at least another one year.
PTI
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