February 2017 Published on 1st February 2017
King Abdulaziz Centre, Dhahran Gautam Saraf Cushman & Wakefield
- Retail Space - Property prices - & more
Rising Star Ar. Sushant Verma
Material Poetries Ar. Jayesh Shah Facilis, Mumbai Shivangi Shah
More... 3D Forms of GRAPHENE Awarded CARPET Designs The Good WOOD Dare to Dream with SOLID SURFACES Affordable Luxury in BATH Decorative VENEER: Buying Guide
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editorial
Domino effect persistent, Budget expected to be a relief It is expected that Union Budget will focus on boosting overall consumption with the extension of personal income slab and a probable reduction in corporate tax rates. Depending upon the extent of the slabs, these corrective measures might be helpful for the overall economy, but not so much for Real Estate. Without strong focus on reviving the Realty sector, there will be no respite even for Building & Architecture segment or the Products & Material industry, both largely dependent on real estate. Budget 2017 is a great opportunity for the Government to heal the wounds caused by Demonetization. There is no denying the fact that while most of the markets have come out of the worst & bitter impact, yet Domino effect is largely persistent. Overall, market is responding positively and pinning hopes on Budget. But the pertinent questions are: will the Union Budget 2017 be able to revive the sector? What will be the fate if Budget fails to hold positively? Real Estate is said to contribute about 15% to GDP, directly or indirectly. Use of Black money by some builders and buyer’s general tendency to park unaccounted money in properties has slowly led to plaguing the sector. However after reforms like Demonetization and Government's crackdown of the parallel economy, it is time to heal the Realty sector which has taken the worst hit. As per reports, even an association with the US President Donald Trump hasn’t helped to stir up sales at Lodha, which is building a Donald Trump-branded apartment tower in Mumbai’s Worli district. Real Estate sector is getting consolidated. There are a lot of mergers, buyouts and partnerships happening. The best part is the dawn of ‘Transparency’ in working & dealings, which is expected to grow with time. Budget should also look at ways of standardizing Materials. A primary reason for escalating properties prices is the rising cost of materials. Standardizing building materials will not only enable clarity about taxes but also reshape the sector as a viable investment opportunity. On behalf of the Real Estate sector and its various subsets including Architecture & Design, Building materials & products industry, Surfaces Reporter appeals to the Government to ensure that the hope that is holding the sector should translate positively through Union Budget 2017. With various Reforms in place, now the sector is finally ready, and deserves the status of an Industry. We also appeal to all the stakeholders of the sector & connected industries to support in maintaining transparency, strictly shunning illegal practices so that real estate sector gathers back momentum and remains as a key investment asset class in India.
Vertica Dvivedi
https://in.linkedin.com/in/verticad | https://www.facebook.com/verticad | vertica@surfaces.in
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