Both residential and commercial space will be required in times to come
Vipul Shah, Managing Director, Parinee Group
India has an impending need for building infrastructure what are your views on this?
As we are acquainted of the escalating demands of our ever- increasing population, construction of building under such circumstance has been highly desideratum to cater to the growing needs of the mob. Both residential and commercial space will be required in times to come because of the evolution and expansion of firms and industries due to the potency of the ‘Make in India Campaign.’ Thus, the call for building infrastructure in full swing will be a primacy in the near future.
The term slowdown has become synonymous with real estate, when do you expect it to recover?
The economy plays a pivotal role in aiding the real estate sector. Currently, the sector is facing a temporary slump but as and when the economy will boost because of the increased operations of the initiatives and methodologies undertaken in the nation, a rise will surely instigate the sector to a boom phase where the demand will be higher than the supply providing elasticity in the economics of real estate.
Do you think the future of real estate lies in rentals or ownership will tend to be the predominant trend?
I fathom that the future lies in an amalgamation of both. As and when industries are going to get established nationally, the percentage of migration nationally as well as internationally is sure to increase in leaps and bounds leading to a raise in the demands of real estate both in terms of rentals and ownerships. But the ownership of a property is considered to be more apt in terms of investment. As the price of property doesn’t really have a depreciating aspect, it’s always on the upright manner.
How has the introduction of RERA (Real Estate Regulation Bill) helped the real estate industry and the consumers?
The Rights & Liabilities under the purview of RERA Act 2016 can facilitate and stimulate the growth of the real estate industry. The bill is expected to restore consumer confidence in real estate, potentially triggering a revival in the sector. The bill aims at protecting the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects. It provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector. The Bill is expected to ensure greater accountability towards consumers, and to significantly reduce frauds and delays.
What kind of opportunity exists for a group like yours in the Smart City initiative which has been actively promoted up by the GOI?
A gamut of benefits can be apprehended through the smart city initiatives by the Government of India. Current transition in the standards and dynamism involved in the sphere of residential as well as commercial real estate will see a new rise in the horizon. The people of our country will experience a new calibre and excellence of infrastructural development and habitation.
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