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With just a week to go before the new government is formed, developers point out what needs to be done to boost the real estate industry…

The past two years have been eventful for the real estate industry, which saw unprecedented highs and unimaginable lows, all within a very short span of time. But while the world and India started sinking into the recession, the Government recognised that the real estate industry has been one of the primary drivers of the economy — it carries almost 200 small and medium industries and contributes 4.5% to the GDP with a potential to contribute much more. In a week from now as India gets set for a new government, the real estate industry has drawn up a comprehensive wish list for growth and development of real estate on a sustainable basis.

Niranjan Hiranandani, MD, Hiranandani group and one of the pioneers of the modern real estate industry says, “For the past 60 years the government has only focused on ‘roti’ and ‘kapda’. While that is still very important, it has to also focus on ‘makaan’ with equal zeal. A house is the third most basic necessity for human survival and the industry an indicator of a nation’s prosperity as a whole. Certain procedures have to be simplified and more cooperation is needed to make mass housing possible. Secondly the industry is labour-oriented which can generate a huge amount of employment, contributing hugely to GDP. Hence the government has to look at real estate industry more seriously.”

Ram Yadav, head, finance and strategy, Orbit Corporation says: “We have moved into a different era as the real estate industry has turned more professional, sophisticated and enterprising. It has acquired respectability. While the onus is on the developers to bring in global standards and transparency, the government has to play its part in simplifying the process of clearances by providing a single regulatory body and uniform laws across the country as the business has now become big enough to attract foreign money.”

What other builders wish from the new government >>