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How Will Various Government Reforms Help Lucknow Real Estate?

By Author: Rajeev Kapoor
Total Articles: 15

The various reforms and multiple different strategies that have been recently implemented by the central government have paved the way for simplicity, clarity and accountability in Indian real estate sector. The implementation of these reforms over the last few months would bring much needed trust, certainty and transparency in realty sector, which were earlier missing.

The execution of Smart Cities Project, Real Estate Regulatory Act (RERA), Real Estate Investment Trusts (REITs), Goods and Services Tax (GST) and the latest demonetization drive will all facilitate the growth of real estate in the country. At the same time, these reforms would help real estate industry get rid of all its ills and complexities that were adversely affecting its growth, which in turn, would reinstate buyer confidence and allow only credible and trustworthy builders to remain in the industry. The new policies and laws will also have a positive bearing on Lucknow real estate and customers can expect reliability and assurance from property developers in the months to come.

Taking all this into perspective, international investment management company, Jones Lang LaSalle (JLL), has appraised these changes at an effective level and expects quick usage of the reforms. Business Director of JLL India, Ramesh Nair, asserts that demonetization drive has definitely helped the govt. score well on clarity and direction. Similarly, enhanced clarity and optimism in real estate market would influence investors and customers to invest money in new or upcoming residential projects in Lucknow.

Proper implementation of RERA will also increase transparency and accountability among the builders and buyers. RERA will ensure that real estate developers in Lucknow upload all the pertinent details of their housing projects on the website so that buyers get easy access to the information they need. Simultaneously, builders have to abide by the RERA rules and need to complete the projects in a time-bound manner. RERA will also make sure that only top real estate companies in Lucknow remain in the business and all insignificant players get eliminated, thus bringing reliability and positivity in realty market. Moreover, reduced home loan rates, positive strategies on foreign direct investment, REITs and land acquisition would soon have a significant bearing on upcoming real estate projects in Lucknow.

RERA, GST, Smart Cities Mission and demonetization are all expected to transform infrastructure, tax structure and real estate sector in the time to come, which will boost market sentiments. As a result, more buyers would be interested to buy a plot of land or apartment in an upcoming housing property in Lucknow.

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