Haryana RERA member highlights the need for fiscal discipline

11 Jul 2024 CW Team

Sanjeev Kumar Arora, a member of the Gurugram bench of Haryana regulatory authority, stated that no real estate project could fail if developers maintained financial discipline from the outset. Addressing Assocham's National Conference on the Changing Dynamics of Real Estate for Viksit Bharat, he advocated for a reduction in interest rates on home loans to stimulate demand. Arora emphasised, "I believe that if the promoter endeavours to uphold financial discipline from the beginning of the project and maintains a healthy debt-to-equity ratio, no project can fail." He highlighted the real estate sector's role in generating employment opportunities within the Indian economy. Regarding the need for interest rate rationalisation, Arora remarked, "There is a requirement to rationalise interest rates and lending rates, as lower lending rates encourage both investors and homebuyers to participate. Builders are also content delivering projects at minimal costs." Discussing the Real Estate (Regulation and Development) Act (RERA), Arora, a member of HRERA, mentioned that approximately 1,25,000 projects and 75,000 brokers have been registered nationwide since its enactment. Pradeep Aggarwal, Chairman of the National Council on Real Estate, Housing, and Urban Development at Assocham, underscored the sector's critical importance in positioning India as a leading economy. He added that real estate constitutes a market worth Rs 24 lakh crore and contributes approximately 13.8% to the GDP. Vineet Relia, Director of Urbanbriq Development Management Pvt. Ltd., cautioned about a potential downturn in the sector unless the government provides support in terms of affordability in the upcoming years.

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