Surendra Hiranandani promoted House of Hiranandani is eyeing Delhi-NCR as its next destination to start residential project, besides looking at expanding its footprints to satellite cities such as Hyderabad and Pune.
The Monetary Policy Committee (MPC) review meeting has concluded, announcing no policy rate change (repo rate stays at 6.25 per cent, the reverse repo rate at 6 per cent, and marginal standing facility rate at 6.5 per cent). It maintained its neutral monetary policy stance, but significantly softened its tone on inflation. Five out of six members were in favour of the monetary policy decision.
I would term it as a reform oriented Budget, where the expenditure was well directed towards economic growth and development, especially in the rural areas. It also reflected the government’s concern and priority to improve the investment climate with a view to stimulate growth. The massive push for improvement in infrastructure including record capital expenditure for roads, railways will indirectly benefit the real estate sector in the long run.
Demonetisation was undoubtedly a landmark event in the history of our economy. The aim of demonetisation was to curb the use of black money, but the cash crunch it caused contributed to significantly lower real GDP growth in the subsequent quarter
Goods and Service Tax (GST) is a forward-looking tax reform on part of the government. There is no doubt that it will be a game-changer for the Indian industry, bringing in a more comprehensive and uniform tax structure that will ensure greater transparency in the economy.
The recent move by the government of introducing eight public private partnership (PPP) models to promote private investments in affordable housing will act as a perfect catalyst to its vision of ‘Housing for All by 2022’. However, the success of this policy will clearly depend on the proactive involvement of various stakeholders operating with a clear road map of roles and responsibilities.
The government’s move to promote affordable housing by setting up a special fund is welcome. It will boost buyers’ sentiments and help revive the real estate market. We expected the government to give industry status to real estate sector, though its efforts to support infrastructural development is laudable.
The government’s GST initiative over the past year has helped streamline the tax administration by bringing more transparency in our taxation system. As expected with any game-changer of this magnitude, the initial few months were fairly disruptive not only for the industry, but for the consumers as well as government authorities.