Dr. Niranjan Hiranandani –National President- NAREDCO opines that “As the disruptive impact of policy reforms faded away early this year, 2018 had witnessed the sign of revival. The industry has evolved extremely with an optimistic impact in terms of accountability, transparency and compliance mechanism balancing the scales with consumer becoming paramount. The residential segment faces challenges to cope up from the rippling effect of liquidity crisis hit by NBFC blow, locking up of 70% funds in escrow and postponement in logging sales to save tax burden on under construction property.
This situation has created urgency to source out alternative fund avenues for the on-going projects and relieves liquidity crunched sector on priority. As we stand on the cusp of 2019, we look for some sort of magic to conjure up funds and ensure the sector remains work in progress. We are extremely bullish about the imperative growth of housing to gear up India’s GDP growth at the projected rate of 7.8% and truly emerge as the fastest growing economy of the world. An ambitious objective like Housing For All by 2022 and planning of slew of mega infrastructure projects across the country will co-script the sustainable growth story of the Indian economy along with perennial job creation.”