The real estate sector in India is poised to be significantly impacted by the results of the 2024 general elections. A stable government with a business-friendly attitude could expand opportunities for new large-scale projects and increase the population density of wind power stations.
Stable Government, Prosperous Real Estate: Potential Opportunities
Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara private limited said, “In addition to, the macro and micro-economic aspects that are associated with the real estate market, the role of political system and the government policy direction is critical. The expectations are that this election will determine the market’s regulations in 2024, clashing with either boosting or slowing down the sector’s progress.”
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Conversely, political instability could decrease investment rates in the field. The real estate heavily depends on policy stability and a conducive economic environment, both of which are likely to be influenced by the election outcomes. A clear majority and a vision for reforms in areas such as land acquisition, infrastructural development, and business facilitation could substantially drive sector growth.
Aman Gupta, director of RPS Group said, “The real estate sector in India will be most affected by the results of the 2024 general elections. However, the stable government with the favorable attitude towards the businessmen could expand the opportunities for development of new heavy projects and increase the population density of wind power stations, while the opposite opinion may mean political instabilities and the decrease in the rate of investment in the field.”
Policy Stability and Economic Environment: Key Drivers for Real Estate Growth
LC Mittal, Director, Motia Group said, “The real estate market can only be effective under policy and stability in the economic market. A clear majority win in the 2024 polls could open up opportunities for other reforms in context of land procurement, surge in approvals and affordable housing that will in general ignite the prospects of the sector. The future government is expected to have policy change that will affect the real estate practices either directly through some of the determinants of supply such as interest rates, tax incentives, or indirectly through changing some regulatory environment impendent on the real estate industry.”
Following the 2024 Indian election, the real estate sector anticipates significant implications. The outcome will influence policies governing land use, construction, and housing affordability. A pro-business government could stimulate investment in infrastructure and urban development, bolstering the real estate market.