Real Estate Welcomes Modi’s Economic package

The real estate industry, which had been facing the strain of the lockdown and inactivity, has wholeheartedly welcomed the Prime Minister’s economic package. They also appreciated that the Prime Minister spoke about land, labour, liquidity and simplification of laws which are the key challenges of the economy. Dr. Niranjan Hiranandani – President – ASSOCHAM & NAREDCO said, “Long awaited announcement of a fiscal stimulus package of Rs 20lac crore nearly 10% of Indian GDP is truly commendable -a shot in the arm to revive the drowning economy. Lauding India's biggest visionary document, economic stimulus will emphasize on key economic issues like Land Labours Liquidity and Law which is indeed a thought-provoking reform. The economic package is meant for labours of country, for that farmer of the country, for the middle class of our country which is the broad segment of the demographic pyramid of the nation, and most important the taxpayers  who contributes to the development of the country.” Jaxay Shah, Chairman Credai National stated, “We welcome the Prime Minister's announcement of the 20 Lakh Crores economic package for a self-reliant India and look forward to the series of announcements by the Finance Minister to help uplift the economy during this unprecedented crisis. We are hopeful for a bigger boost to the real estate sector where both demand and supply concerns will be addressed. Honble Prime Minister mentioned housing, Land , labour , liquidity and laws which are all related to real estate. We are keeping our fingers crossed and hoping for the best.” Arindam Guha, Partner, Lead - Government and Public Sector, Deloitte India opined, “While we wait for the fine print of the economic package, it is likely to prioritise sectors where there is a large domestic market and generate significant employment. With the announcement of this package which is around 10% of GDP, India joins other large economies like the US and UK which have taken bold steps to counter the economic downturn. I am fairly confident that the package will leverage financial instruments like credit guarantees etc. so that the country’s fiscal situation is also factored in.” Rohit Gera, Managing Director, Gera Developments Pvt Ltd. Commented on the economic stimulus package announced by PM, "The holistic announcement by the PM for a self-reliant India is extremely exciting.  To convert adversity to an opportunity is a game changer.  The approach being all encompassing indicates this has been completely thought through.  The PM has raised expectations of 130 crore people.  We look forward to the details supporting this vision.” Piyush Gupta, Managing Director, Capital Markets (India) at Colliers International India added shared, “The Special Package announced by honourable PM Modi is addressing fundamentals, such as availability of Land and Liquidity which is key to Real Estate Development in these times of crisis. Real Estate being the second highest employer in the country, it is Iikely to be the biggest beneficiary of the fiscal stimulus of INR. 20 lakh crore. The more likely capital dependency from overseas markets will be reduced, with specific liquidity windows which will help Real Estate”.