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BJP-Sena will revive SRA redevelopment: Realty experts

Real estate industry experts, builders and lobbies expect single-window system for taxes and permissions

As Modi’s victory ushers in the Bharatiya Janata Party (BJP)-Sena reign, Maharashtra’s realty experts, builders and lobbies see a ray of hope.

buildings
The state’s builders see better days with the BJP-Sena reign ahead

Even if builders will have to get their projects passed via the Congress led-government in the state for at least another six months, they are boldly singing BJP-Sena praises.

“We expect a single window system for all taxes and permissions. No more Foreign Direct Investments (FDI), too,” said Lalit Kumar Jain, chairman of Confederation of Real Estate Developers’ Associations of India.

The builder fraternity also believes that it was the BJP-Sena that had started slum redevelopment in Mumbai, which was stalled when the UPA came into power. Babulal Varma, MD, Omkar Realtors and Developers said, “BJP’s manifesto emphasises on ‘Urban Upliftment’ in India by initiating the construction of 100 new cities, twin cities and satellite towns.

The manifesto is also looking at providing low-cost housing to the poor and make the country slum free. Secondly, it was the Shiv Sena and BJP that started the the Slum Rehabilitation Association (SRA) scheme in Mumbai. That should be revived soon,” adding that a lot of land around salt pans, coastline and Mumbai Port Trust (BPT) occupied by slums will be available for development with the new government at centre as well as state.

According to Anshuman Magazine, chairman and MD, CBRE South Asia Pvt Ltd, the formation of a stable government, independent of coalition partners, means faster decision making and economic reforms.

“If GDP growth picks up, the real estate industry will be one of the early beneficiaries. However, for any significant impact on the real estate market, the economic fundamentals will have to be tackled, infrastructure projects be implemented with a sense of urgency and housing mortgage interest rates will have to decline,” concludes Magazine.

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