Ramky Group, Indiabulls Real Estate, Aparna Constructions, The Antriksh Group, Gaursons India Limited & SMR Holdings are final six nominees for the coveted category of “Indian Affairs Most Promising Housing Company of the year 2018” at the historic 9th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2018
India Leadership Conclave 2018 has shortlisted six finalists for the coveted category of “Indian Affairs Most Promising Housing Company of the year 2018” at the historic 9th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2018. The final winner will be announced in a glittering power packed assembly of more than 350 industry leaders, business tycoons, policy makers, diplomats, politicians,reformers at Hotel Sahara Star on 6th July 2018
Indian Affairs Most Promising Housing Company of the year 2018
2.Indiabulls Real Estate
4.The Antriksh Group
5.Gaursons India Limited
Last year, India’s real estate sector saw two major reforms come into force — the Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST). While a landmark tax such as the GST is expected to have far-reaching implications for sectors across the economy, its impact on real estate as a whole is likely to be a mixed bag. The complete impact on construction costs is likely to unfold over the coming months. However, aligning with the ‘Housing for All by 2022’ vision, projects launched under the Pradhan Mantri Awas Yojna (PMAY) have been kept out of the purview of the GST.
For under construction properties, the government has allowed one-third of an apartment cost to be deducted towards the transfer of land and GST at the rate of 18 percent to be paid on the balance amount, which brings the effective GST rate on under-construction properties to 12 percent. While occupation costs are likely to inch up marginally as the 15 percent service tax has been replaced with an 18 percent GST; completed properties as well as rented apartments have been kept out of the purview of the GST. 2016 and 2017 have been high not only on legislative measures, but have also brought into limelight an important, yet neglected segment – “Affordable Housing”. Numerous measures to promote private sector participation have been taken in the past year — such as awarding infrastructure status to affordable housing, 100 percent deduction on profits for affordable housing projects, increasing the livable area of the units and relaxed completion timelines, amongst others.
However, despite these measures, the segment needs a stronger thrust, in order to be completely viable for private participation. Availability of land, relaxation in development norms, faster approvals for affordable housing projects, better alignment between central and state policies are some of the factors that need to be addressed to allow the segment to achieve its full potential.
As these gaps are plugged in, trends such as use of technology to rationalise construction costs, access to formal sources of capital, wider funding avenues, entry of credible developers are some key trends that will define the segment by 2020.
The real estate sector is one of the most globally recognized sectors. In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. The real estate sector comprises four sub sectors – housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy. India’s rank in the Global House Price Index has jumped 13* spots to reach the ninth position among 55 international markets, on the back of increasing prices in mainstream residential sector