The real estate sector in India stands at a pivotal juncture, urging the newly formed government to implement crucial policy reforms. The National Real Estate Development Council (NAREDCO) has highlighted several key areas requiring immediate attention to rejuvenate the industry and ensure its sustainable growth.

Firstly, the real estate sector is calling for streamlined approval processes. The existing system, laden with bureaucratic red tape, significantly delays project completions and inflates costs. By simplifying these procedures, the government can facilitate faster project deliveries, reducing costs and boosting investor confidence.

Another critical area is the enhancement of infrastructure. Adequate infrastructure development is vital for the growth of real estate, as it not only improves the quality of life for residents but also makes regions more attractive to investors. NAREDCO urges the government to invest in robust infrastructure projects, such as roads, public transportation, and utilities, to support urban expansion and real estate development.

Financial reforms also stand as a cornerstone for real estate revival. The sector requires better access to funding and more attractive financing options for both developers and homebuyers. NAREDCO advocates for policies that would ease lending norms and provide tax incentives, making homeownership more attainable and development projects more viable.

Additionally, addressing the issue of affordable housing is paramount. The government should introduce measures to promote the construction of affordable homes, ensuring housing for all. This includes offering incentives to developers to build affordable housing projects and implementing policies that make land acquisition for such projects easier and more cost-effective.

Finally, there is a call for greater transparency and accountability within the sector. Implementing stricter regulations and ensuring compliance will protect homebuyers and investors, fostering a more trustworthy market environment.

In conclusion, the implementation of these proposed reforms by the new government could significantly transform the real estate sector, driving growth, enhancing sustainability, and ultimately benefiting the entire economy. By addressing these critical areas, the government can lay the foundation for a vibrant and resilient real estate market in India.