Modi 2.0 Real Estate Policies to Boost Up Development of Tier II and Tier III Cities

With the coming up of Modi 2.0, the real estate sector unanimously welcomed the new government with the hope of improvements in the real estate sector. When Narendra Modi became the Prime Minister of India in 2014, real estate sector saw the emergence of the new era. The central government tightened up its grip on the real estate.

The implementation of demonetization, RERA and GST along with the e-amendment of old Acts like Insolvency & Bankruptcy Code and the Benami Transactions (Prohibition) Act not only impacted the all-around development of the real estate sector but also eliminated the black money hoarders from their ‘paradise’ of investment – the real estate. This benefited the genuine homebuyers and long-term investors, which will lead to the sustainable development of the property market.

Jayesh Dave, chairman of Jayraj Builders Vadodara, said, “It is great for the real estate that Narendra Modi returned to power with greater mandate.” He also added that Modi 2.0 five years tenure is going to be a quantum leap for the real estate sector as the government will work towards the implementation of schemes announced in the previous tenure like – Housing for all by 2022, 100 Smart Cities, AMRUT cities etc.

Jayesh Dave envisaged the growth of tier-II and tier-III cities in the early 90’s and moved his real estate empire to Vadodara from Mumbai. He stated that more the tier-II and tier-III cities will develop, more the metro cities will be de-burdened, which will eventually help in development of the peripheries of India and not only the cores. Concepts like Housing for all, 100 Smart Cities, AMRUT cities are the best way to boost up the development of tier-II and tier-III cities, says Mr Jayesh Dave.

He believes that the new government will continue to invest in infrastructure and ease up financing in the sector. In addition, he said that these steps will not only enhance the real estate but will also create thousands of jobs if implemented properly. He further suggested that the government should restructure loans for realtors that would help the stuck projects and ensure timely delivery of same.