General election to hit realty sector

Q: How general elections will impact the realty sector in India ?

Kailesh, Bangalore

13th March 2014

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Worse, the real estate sector is already enduring the pain of labor shortage of nearly 40% on account of various reasons and the advent of elections have further deteriorated the situation.

Slow economy and lower investor confidence has already taken a toll on the Indian real estate market and an additional delayed approval (on account of upcoming elections) will generate a negative sentiment for the sector, irking the customers.

Nishant Pathak, Gurgaon

13th March 2014

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According to sources, home sales across the nation has been hit with a slowdown in the last 12-48 months and inventory levels have hit the roof. As per Liases Forbes, unsold inventory stood close to 709 million sq ft in the quarter to December. With the slump in sales due to the election code of conduct, inventory will need additional 30 months to sell out.

Adnan, Bangalore

13th March 2014

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More than 50 residential projects which come under Gurgaon, NCR and Faridabad have been stalled. With the advent of elections, the approval process hits a slow button, which is likely to drag the sector and increases the cost burden simultaneously.

Indu dixit, Noida

13th March 2014

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As per property consultants, even the absence of one official can cost the approval process and derail it significantly. Owing to it, investors across the cities who purchased numerous apartment for promising returns in the past, now prefer to maintain a safe distance from the market, since they fail to exit their previous investments.

Lalit Verma, Mumbai

13th March 2014

As per market reports, on account of such code of conduct, construction work has gone for a toss in cities like Bangalore, Mumbai, Ghaziabad, Noida, Pune and Gurgaon. Deployment of the officers for poll duties and lack of clarity on how to handle the routine matters like building approval have emerged as the primary reasons for delay.

Lalit Verma, Mumbai

13th March 2014

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According to developers, the cost of numerous residential projects across major cities have witnessed a sharp escalation, since officials are holding down the routine approvals, quoting the election code of conduct.

Adnan, Bangalore

13th March 2014

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