As the country awaits the formation of a new government, the real estate sector is urging for policy reforms and tax incentives to stimulate growth and address the challenges facing the industry.

NAREDCO, the realtors’ body, has emphasized the need for the new government to introduce policy reforms aimed at fostering growth in the real estate sector. This includes providing tax incentives to both homebuyers and developers, with the goal of boosting housing demand.

One of the key demands put forth by NAREDCO is the reduction of home loan interest rates, which could potentially make homeownership more affordable for aspiring buyers. Additionally, the association has called for streamlining the process of obtaining approvals for project development, a move that could expedite the pace of construction and address the prevailing challenges related to project delays.

Reacting to the outcome of the Lok Sabha elections 2024, NAREDCO National President G Hari Babu emphasized the critical juncture at which the real estate sector finds itself. While acknowledging the sector’s growth potential, Babu highlighted the significant challenges that need to be addressed with the support of the government.

Babu outlined ambitious targets for the real estate sector, including reaching a market size of USD 1 trillion by 2030 and transitioning towards becoming a net-zero carbon industry by 2047. Achieving these goals, however, would require robust government intervention and policy support to overcome existing hurdles and facilitate sustainable growth.

The real estate sector, which serves as a vital engine of economic growth, is banking on the new government to introduce progressive policies and initiatives that can propel the industry forward. With the right policy framework in place, the sector aims to harness its potential for contributing to the country’s economic development while addressing pressing challenges such as affordability and sustainability.

As stakeholders eagerly anticipate the government’s policy agenda for the real estate sector, the focus remains on fostering an environment conducive to growth, innovation, and inclusivity in housing development. The upcoming period is poised to be crucial for charting the course of the real estate sector’s evolution and its contribution to India’s economic trajectory.