Dr Niranjan Hiranandani (NH), National Vice chairman, NAREDCO shares about the major transformation and important game changers that would shape the real estate sector.
IE: Major changes through these years.
NH: Indian real estate has undergone a transformation since pre covid era. Structural policy and flurry of eco[1]nomic events has redesigned the modus operandi of the sector. Introduction of RERA, GST, IBC and GST law has been instrumental in enhancing compliance and financial discipline and ensures to protect homebuyers’ rights. Covid pandemic menace have bolstered the underpinned demand for ownership of homes. This has led to sales uptick in primary market with influx of first-time homebuyers. Also, simultaneously many homeowners are inclined towards luxury housing due to additional space, higher utility value and hybrid way of living. Fiscal and monetary benefits announced during covid like stamp duty waiver, low interest rate also acted as a growth catalyst.
IE: Milestones that transformed the sector.
NH: Key trends like rise in millennial home[1]buyers, demand for 2 & 3 BHK has been on uptick and sustainable living has been major factors resulting in transformation.
IE: What will be a game changer in the years ahead?
NH: Sustainable demand for ownership housing, enhanced interest for HNIs and NRIs for investment in residential realty, change in consumer preference with climate conscious and holistic living concept. New asset class are emerging as senior citizen living, student housing and co-living. New business funding avenues like REITS, IPO, VC & PE funding have been tapped by the industry after major market consolidation.
IE: How does India compare with global peers and how are we equipped to ride the growth wave?
NH: Indian economy has reflected strong resilience and sustainable recovery. Impetus on infrastructure development, incentivising manufacturing hubs, Make in India concept, strengthening supply chain, fiscal stimulus by PLI and tax rationalising schemes will take India’s growth on upward pedestal. All this will create movement of people across the country, spurring the demand for both commercial and residential real estate.
IE: A brief on your current operations and plans ahead.
NH: Hiranandani Group pioneers in integrated township development across Mumbai, MMR and forayed to Chennai too. The group has also entered into new age asset class, like industrial and warehousing, datacentres and semiconductor parks. The group is active into commercial space development and also evaluating on redevelopment opportunities.
