APN News

Pre-Budget Quote for Real Estate Sector-Prasoon Chauhan, Founder & CEO, BlackOpal

The second largest employing sector of India, real estate needs support from government to resolve the liquidity issues at the earliest. One of the recent aid extended to the sector has been in the form of a Rs 25,000 crore AIF set up for stalled projects. While the motive behind providing this aid has been to fasten the delivery timelines, but the slow disbursement of funds is rather acting as an obstacle. Therefore, a strategized plan for implementation is needed to speed up the deliveries.

Additional support from banks is also needed in terms of providing quick funding to the realtors. This budget should look into establishing a process that caters to realtors receiving timely funds from banks, without any delays from authorities in documentation, permissions and grants. The government must consider bringing subvention scheme into function to bring some momentum in the purchase of new homes. Single window clearance has been a long standing demand for the real estate sector. There is a need to look into the execution and permission timeline from the end of authorities, RERA being the regulatory body must question and assess them upon their execution.

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