Quote by Mr. Sanjeev Srivastva - Chairman & Founder of Assotech Group
"As we approach Union Budget 2024, the real estate sector stands at a pivotal juncture, poised for significant developments and poised to continue its trajectory of growth and resilience. The past year has been a testament to the sector's adaptability and resilience, marked by a remarkable rebound across various segments. This resurgence has been driven by robust demand in residential, commercial, and industrial real estate, underpinned by favorable macroeconomic indicators, stable lending rates, and an optimistic job market outlook.
Looking forward, the industry's expectations are centered around several key themes that are crucial for sustaining this momentum and fostering inclusive growth. At the forefront of these expectations is the urgent need to rejuvenate the affordable housing segment. Affordable housing not only addresses the critical need for housing among the lower-income groups but also serves as a catalyst for broader economic stability and social equity. The sector has seen a decline in sales in this segment, exacerbated by the aftermath of the pandemic and rising construction costs. To revitalize affordable housing, it is imperative for the government to reinstate incentives like the Credit-linked Subsidy Scheme (CLSS) and introduce targeted tax breaks. These measures will not only stimulate demand but also incentivize developers to undertake projects that cater to this underserved segment of the market.
Furthermore, the grant of industry status to the real estate sector remains a longstanding demand that continues to garner industry-wide support. Recognizing real estate as an industry will not only enhance its access to institutional financing but also streamline regulatory processes and foster investor confidence. Coupled with this, initiatives such as a streamlined single-window clearance system and rationalization of Goods and Services Tax (GST) on real estate transactions are crucial steps toward reducing bureaucratic hurdles and enhancing operational efficiencies across the value chain.
At Assotech Group, we are deeply committed to advancing India's urban development agenda through sustainable and innovative real estate projects. Our journey over the years has been marked by a steadfast dedication to quality, integrity, and customer-centricity. We have consistently strived to deliver projects that not only meet but exceed the evolving expectations of our customers while contributing meaningfully to the nation's economic landscape. As we navigate through dynamic economic landscapes and anticipate forthcoming policy reforms, Assotech Group stands ready to play a proactive role in shaping a vibrant and resilient real estate ecosystem. Our focus remains on leveraging our expertise and experience to pioneer transformative projects that not only enhance the built environment but also create lasting value for all stakeholders involved. We are committed to embracing sustainability as a core principle, ensuring that our developments not only meet current needs but also contribute positively to the environmental and social fabric of the communities we serve.
In conclusion, the upcoming Union Budget presents a crucial opportunity to chart a course for sustainable growth and development in the real estate sector. By addressing the sector's key priorities such as affordable housing, industry status, and regulatory reforms, the government can unleash the full potential of real estate as a key driver of economic growth, employment generation, and social progress. Assotech Group stands ready to collaborate with policymakers, industry peers, and stakeholders to realize this vision and contribute to India's journey towards becoming a global leader in real estate innovation and sustainability."