Realtors request simplified government procedures

New Delhi: From the webinar platform provided by ICCPL and Realty & More, realtors requested government to streamline procedures and make them shorter to help the real estate sector grow. The webinar was third in the series and it had a theme 'The state of Real Estate post-Covid-19'. All of the panelists also asked to extend the deadlines of RERA further.
Talking about the hurdles being faced by the realtors, Deepak Kapoor, director, Gulshan Homz, said, “There are lot of hurdles where we approach various departments to inform about them about procedural tangles. For example, alternative investment fund was announced and Rs 25000 crore was to be disbursed to stalled projects. The procedures are complicated so much so that till May 2020 SBI capital and HDFC could only disburse to two projects when the scheme was launched somewhere in November 2019. Whatever the thought, it has not seen the impact that it intended. My request to government is that all schemes are given to the sector for the betterment but all this will help if they make implementation simpler.”
Agrees Pravin Jain, President of NAREDCO, and CMD of Tulip Infratech Pvt Ltd, “We are working for betterment of the society and with around 250 allied industries attached to it, sector plays a larger role in economy. We have been requesting three things from the government that will help in smooth functioning of the sector. First request is that the government should restructure loans that will help in completing old projects; also these projects should be given additional 20 per cent funds to complete the work, this will help so that govt money should not become NPA. We also want GST to go for two three years which in the current scenario will help end users. Third request is that the government should do away with stamp duty. We are hopeful that govt will look into it.”
Talking about the discounts and price correction, the panelists said that the prices have not changed for last 7 years. “Property prices have not increased for quite some time now. And if we look at inflation which is average 5 per cent in India then property is already at a discount of around 30 per cent. So it is not good to expect discounts from developers as costs are going up. The buyer should look for reliable deals and not the discounted deals. By reliable deals I mean people should look for delivery of projects and not for discounts where developer might not be able to deliver,” said Vikas Wadhawan, CFO, propTiger. com.