The
poll results may have been declared in Maharashtra but the new government is
yet to take charge. Once it does, it has a mammoth task of reviving the realty
market which has been slow for the past couple of months. Till September 2014,
demand has been stable in the real estate market while addition to supply has
been limited. In the first half of 2014, the numbers of residential units
constructed were 17,500.. Roughly 266 files were cleared by the department
concerning Floor Space Index and land use policies.
Experts
opine that the succeeding Government of Maharashtra would have to review some
of the clearances passed by the erstwhile government to make them friendlier
for the development of realty in Maharashtra. Infrastructural projects such as
widening of roads and expansion of Metro Railway and Mono Rail have to be
undertaken. The measure taken to increase the floor-space index for residential
properties has met with skepticism from various quarters as the pressure of
population is too high and may elevate per square feet rate above Rs 1 lakh for
certain areas. Affordable housing should be the mantra of the new government
especially targeted towards the low and middle income housing group.
The
faster the new government takes charge, the more would be the benefit to the
realty Market. There are certain state laws governing realty which, if modified
or eliminated, could boost real estate considerably. The combined effect of
Diwali and the Maharashtra poll results may help to buoy the real estate
market. The festival period is considered to be an auspicious time for people
to buy property and favorable poll results would certainly boost buyer interest
in the market.
Invest
in future. Invest in Maharashtra. The land of opportunities and growth. A
promising and stable government will ensure now is the time for you to make
your dream house a reality.
