Anil Pharande, CMD – Pharande Spaces:
From the real estate sector’s perspective, there are many aspects that the Union Budget should address this year. One of the foremost is further reducing the bureaucratic red tape involved in project development. Expedited clearances for a larger segment of residential projects will be a key for reducing project delays. An announcement that streamlines the process of obtaining clearances will go a very long way in boosting the real estate industry.
We also expect the budget to make announcements regarding the regulation of construction material costs. While inflation may have come down, the cost of construction has not followed suit and many developers with less capitalization have been forced to slow down or halt their projects because of this. The costs of raw materials such as cement and steel need to be brought down or an upper ceiling imposed on their prices.