‘Approval of Real Estate Bill offers a ray of hope to the stagnant Real estate sector’: Earth Infrastructures Ltd
The approval of the Real Estate (Regulation and Development) Bill, 2015 by the Union Cabinet will boost sales in the real estate sector. Earth Infrastructures ltd, a prominent name in the realty industry states that it will prove to be a great move for realty sector and result in the increase in sales and clearance of unsold inventories of realty developers. The Bill focuses on ensuring timely execution of projects which is a great measure to safeguard the interest of consumers. It will further increase the demand in stagnant realty market.
Reflection upon the current scenario in real estate sector, the official spokesperson of Earth infrastructure said that, “There have been several cases of procedural delays and projects failing to meet deadlines. The National Capital Region (NCR) has a number of unsold, delayed & slowed down projects due to certain economic factors and stagnancy in the realty market. “
Ramesh Nair, COO & International Director, JLL India says, “The aggregate of residential unit sale in Mumbai in previous four quarters has jumped up 28% when compared to the corresponding period one year ago.”
According to Surajit Chanda, regional head, Sobha Ltd. (Pune), sales velocity has slowed down in the city. “The market is going through stress. And buyers are taking more time to buy. Primary demand is between 30-70 lakh segment all across the country. In the premium segment, say 1 cr and above, there is certain movement, but not as is expected,” lamented Chanda. He further added that,” Developers have over leveraged themselves. They picked up more than they can chew.”