NATIONAL/ MUMBAI, 5^th JUNE, 2024 (GPN): The reelection of the BJP for a third term, now with a more robust opposition, underscores a balance that is vital for democracy and industry alike.

Under the previous BJP terms, there was significant policy advancement and national development that benefited the real estate sector. Stability is paramount, and the industry relies on it to ensure ongoing projects and investments continue without disruption. This stability fosters a conducive environment for growth, particularly in infrastructure, which unlocks the real estate potential of emerging geographies.

One critical area that needs attention is affordable housing. Despite its importance, this sector has seen slower progress. In Q1 2024, affordable housing accounted for just 20% of total home sales, a drop from previous years. This underscores the need for targeted actions to rejuvenate this segment, aligning it with middle and high-end sectors, which have seen healthier growth. Moreover, with approximately 70% of our workforce being unskilled, there is a pressing need for enhanced training and education. Developing a skilled workforce is essential not only for the growth of real estate but for the overall economic advancement of the nation.

Despite all this, May 2024, has seen a 22% uptick over the previous year in terms of registrations and this trend is expected to continue under the ongoing leadership of BJP. Together, with a stable government and an effective opposition, we can look forward to a future where both democracy and development thrive, benefiting all sectors, including real estate. This is a pivotal time for us to harness the potential of our industry and contribute meaningfully to India’s growth trajectory.