Indian real estate: The year it was
Pranab Datta, Vice Chairman & MD, Knight Frank India
Snehal Mantri, Director Marketing, Mantri Developers
Sanjay Raj, ED & CEO, Golden Gate Properties
Tough times come and go, but the tough organisations know how to stand on their ground and fight till the end
The economic downturn of 2012 hasn’t spared anyone, and infrastructure sector isn’t any exception. It hit the revenue as well as profit of the organisations. It raised the construction cost and dampened the market sentiment. But it couldn’t affect the hope, vision and instinct of real entrepreneurs.
Pranab Datta, Chairman, Knight Frank India; Snehal Mantri, Director Marketing, Mantri Developers; and Sanjay Raj, CEO & Executive Director of Golden Gate Properties Ltd. have shared their views as well hopes about the past, present and future of the real estate industry.
The year passed by“The year can be considered positive for property buyers as prices have remained stagnant unlike the previous 2 years where most of the cities witnessed a steep price rise,” said Mr. Datta. “This offers a window of opportunity for those buyers who were sitting on the fence till now to start considering their purchase decision.”
“The sector has taken off on the expected lines in the last one decade,” described Mrs. Mantri. “The real estate market will continue to see a robust growth in the coming year, as the economy continues to remain stable with positive signs of growth.”
Mr. Raj said, “This year has also witnessed some fresh, pioneering developments in the real estate sector. Many developers have launched their new projects; some of them gave all kinds of amenities to all their customers, be it private swimming pool, garden trail, club house, gym, etc.”
The year to comeThe coming year is going to be a game changer as the government too has put their interest to revive the sector by introducing reforms in India and this is just a preview of the years to come.
“The 2013 is going to be a game changer as most of the bills, which have been pending since the last few years, are expected to be passed in the parliament in the coming quarters,” shared Mr. Datta. “Specifically in case of real estate, the passage of two crucial bills — Real Estate Regulation Bill and Land Acquisition Bill — would boost the sentiment of all stakeholders.”
He continued, “The parliament’s recent approval of FDI in multibrand retail will attract foreign investment which will not only benefit the retail industry but also boost the demand for commercial real estate.”
Mrs. Mantri described, “The real estate market will continue to see a robust growth in the coming year, as the economy continues to remain stable with positive signs of growth.”She added, “With this the key contributors to the growth of the Indian economy, the real estate industry will also certainly see a revision.”
In a nutshellThe change in policies and investments by the government will have a positive impact on all the segments of real estate whether it is retail, office or residential. “The year 2013 will certainly be a much better year in comparison to the last year,” Mr. Datta signed off positively.
Mrs. Mantri confidently concluded, “With the right reforms implemented in the right time, the real estate industry will see a great leap in the years to come.”