Prominent Changes Real Estate Is Undergoing

Vijay Verma, CEO, Sunworld Group Real estate sector has undergone a massive change ever since the lockdown was imposed like every other industry. From preventive measures adopted at construction sites post-lockdown, the essential nature of technology advancement at sites and sales is a subject with multiple aspects. The government has also came forward with relief measures for sector like never before, one of them being stamp duty reduction. Reduction of stamp duty has been announced for only a few real estate markets, the most prominent one being MMR. UP RERA has written to authorities for seeking the same relief to their state as well. Noida-Greater Noida has a significant number unsold inventory, and if it is announced here, then the confidence of buyers is bound to get further strengthened towards the sector. The overall scenario post-lockdown has been optimistic for the industries relying on technology as the Government has started to show increased interest in making the nation self-reliant. Technological support will play a significant role in this; authorities are aware of this fact and are planning their policies accordingly. We are glad the authorities announced ‘force majeure’ in real estate, this has helped us maintain our promises to buyers without tainting our image in the market. Projects are in a good state now that work has resumed in full force.