BJP victory revives real estate sector

The victory of the Bharatiya Janata Party in four state assembly elections has given a sigh of relief to developers and investors, who say that the slowing real-estate market has started reviving.

Boman Irani, chairman of Rustomjee Group, said there were many factors helping in the revival of the property market. “The sentiments are changing. People have started making inquiries. The share market has also gone up. It is a positive sign,” said Irani.

Pratik Shroff, executive chairman of Shivam Developer, has decided to launch a residential project in Panvel shortly. “Earlier, we were in dilemma whether the project should be launched or not?

The result of the four assembly elections has brought some clarity. If things continue the way they are now, then the market will bounce back. After the shameful defeat at the hustings, Congress vice president Rahul Gandhi has promised to make some positive changes in the party and in government as well. It is a significant move that will change the market sentiment,” he said.

“The result of the four assembly elections will hopefully force the government to take quick decisions and work towards completing the economic reforms covering all sectors, including the real estate, “ said Lalit Jain, president of CREDAI, the umbrella body of developers in India.

Kalpataru has also launched the ‘Sun Rise’ residential project in Thane. National Builder, Paradise and Lakhani are also launching their projects in Navi Mumbai. “There are several developers who were reluctant to launch projects. But they have started reviving their plans. In the coming days, several residential projects will be launched. We have been getting many phone calls. People, including NRIs, are showing interest in parking their money in real estate,” said Kailash Patil, managing director of Thane-based Sweat Home brokerage agency.