High time to fully explore and unbox its massive potential
Anuj Puri, Chairman – Anarock Property Consultants
Several breakthrough reforms with pertinence to the Indian real estate sector saw the light of the day over the last one year.
Be it demonetization – the Government’s ‘surgical strike’ against black money – the revolutionary RERA or the unified tax regime of GST – all bore the power of rendering the Indian real estate sector more transparent and professional.
The upward trajectory of consumer sentiment is a strong indicator that the market has responded well to these reforms. The incumbent Government has embarked on a determined journey to transform the Indian realty sector into a more wholesome industry.
While the primary and secondary residential markets undoubtedly benefited from the plethora of reforms, the rental market has also received a shot in the arm. Various reforms and announcements made over the last one year can potentially boost this crucial segment of the Indian real estate sector:
April 2017: An End to Fake Rent Receipts
Under Section 10(13A) of the Income Tax Act,