The leading Infra player of the East, Ascon Infrastructure India Ltd head Laxman Jaiswal said in a Press statement that the Real Estate Industry has to reinvent itself with the complete support of the Union and State Governments to get over the pandemic along with some serious hand holding by the Governments at the Centre and the States.
Expressing a lot of positivity about the real estate sector since the Unlock period, Jaiswal said, “The enquiries and sales in the real estate sector have shown signs of improvement in the unlock period with a change in buyer preferences. The RBI’s liquidity support has been helpful but more proactive measures are needed to create more demand.”
“The COVID-19 crisis shall also change and redefine trends in real estate with greater emphasis on technologies such as Artificial Intelligence, Virtual Reality towards a better consumer experience. The positive outcome of Unlock 4 has been a slow but steady revival of the market and the upward curve of the demand graph , the industry was looking at a longer time frame of return to normalcy but with the revision in interest rates and a few favourable government policies. The construction works have also resumed in order to deliver the projects as per the given timelines. Homebuyers are more conscious now to invest in a property with assured safety, to live a sustainable life. The rise in the demand is because of affordability and better growth prospects.”
“But the Union and State Governments must also act more decisively and suggested a few immediate steps as Stamp Duty and Registration @8% and GST @ 5% should merged immediately, lnput Credit should be allowed immediately, Real Circle Rate should be imposed after survey of locality by registered survey agency, Transaction to allow minimum 10% plus minus on circle rate and Super Built up area to be abolished in Registration process by state Government which is also contradictory to the provisions of HIRA, the West Bengal state Government Act governing the real estate sector. The Union Government to increase Floor area ratio (FAR) rule for the Housing Projects from the existing 1km to 1.5 kms within the periphery of the Metro Railway projects across India. Also changes should be considered in Environmental Impact Assessment (EIA) norms and easing of rules shall not only bring in additional revenue for the Governments both at the Centre and the States and also help partially revive the Real Estate Industry.” Jaiswal concluded.
Laxman Jaiswal heads the Ascon Infrastructure India Ltd which is into Infra, Housing, Artificial Intelligence, Textiles, Marble and Granite industries spread over West Bengal, Karnataka and Dubai.