by Mr. Anuj Puri, Chairman & Country
Head, JLL India
As
the Mr. Narendra Modi Government completes its first year in office (May 26,
2015), there is no dearth of bouquets and brickbats for the NaMo regime in the
media.
On
analysing the Modi government’s electoral assurances, the actions taken so far
and the respective timelines being followed to achieve these, one would say
that it is reasonably on track with fulfilling its short-term, medium-term and
long-term promises. Importantly, the continuation of the previous government’s
policies like Land Acquisition and Rehabilitation and Resettlement (LARR) Bill,
Real Estate (Regulation and Development) Bill will have significant impact on
the real estate industry once these are passed by the Parliament.
India’s
historically opaque real estate sector will move towards more transparency with
the introduction and implementation of these key policies. It is worthwhile to
reflect on the grassroots-level transformation we can expect to see when:
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| Anuj puri, JLL India |
Millions of home buyers in towns and cities
and farmers across the country (the latter being landowners affected by
infrastructure projects) are empowered with the clauses in the real estate
regulatory bill and LARR
Investment opportunities in office spaces
open up for small retail investors thanks to REITs
The quality of life of millions of Indian
citizens is upgraded when the proposed 100 smart and sustainable cities come to
life.
‘Benami’ transactions, which have for the
longest time been a bane of the real estate sector, are eliminated In short,
the Modi Government has a fairly balanced list so far. The trend does seem to
lean more towards action than inaction.
It definitely seems that Modi has every
intention of living up to the larger part of his electoral promises in the
future environment for investment and is sensitive to concerns of investors.
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