For the past few years, the Indian real estate industry has witnessed a large number of ups and downs; it saw upliftments and also went downhill. With major law enforcement and bills coming in progress in the recent years such as RERA, GST, coming of land acquisition bill, increase in FDI in construction, increase in focus on affordable housing and so much more.
Managing Director of the prominent real estate group, Eldeco Group, Pankaj Bajaj is the leading name in the real estate sector of North India.
Let us know his expert opinion on these recent real estate trends.Addressing the coming of the much proclaimed RERA Act in the Indian real estate sector, Pankaj Bajaj Eldeco considers it to be very proficient in abstracting the authentic players from the defaulters. Although he says, that RERA does have some teething issues that need to be considered before its full implementation in the country but it is in motion now and over a period of time things would settle down for the benefit of the real estate industry as well as for the buyers.
Eldeco MD Pankaj Bajaj has remarked on the issue of affordable housing on various occasions and interviews and debates as well. He believes that though the housing sector has suffered a bit and the present of the real estate sector is not great but the future is much better. The demand has not evaporated and housing is much required in urban India. He also commented on the dichotomy present in the affordable housing. He says building cheap houses on the outskirts of cities is not affordable housing.
If we look at the land acquisition process in the country, the entire process for real estate development has become quite expensive and time-consuming. Pankaj Bajaj Eldeco claims that the new Land Acquisition Bill primarily focuses on only one section of society, that is, the farmers; which cannot be termed as holistic development of the country. Projects and promises such as smart cities and urban townships then come out as far-fetched dreams. Yet it cannot be denied that the new Land Acquisition Bill Amendment would definitely provide much transparency in land consumption. He also supports open market transactions.