‘Following Quality & Transparency’

Describe your views for the real estate market’s positioning? 

With a series of initiatives and policies unveiled so far, 2020 is expected to be the year of emerging micro-markets, with huge demand for quality homes along with the transparency in the real estate deals and improved accountability of builders. Spurt in NRI investments is believed to propel real estate to a trillion-dollar economy. According to a recent industry report, the developers will look forward to integrating sustainability criteria into prime office buildings, new cities and individual homes.

Tell us about your recent recognized mega projects? 

The Sumadhura Group upholds the adoption of concrete values that strive to deliver consistently superior performance in property development and management services, satisfying customers need through decades. The many prestigious projects are a shining indication to our unwavering commitment to delivering what is promised. Some of our current much awaited ongoing projects include Sumadhura Eden Garden, Sumadhura Nandanam and Sumadhura Acropolis. Ranging from mid-market to luxury segments, our projects are a true reflection of today’s urban chic style that redefines elegance and simplicity. Sumadhura’s high rise apartments boast of new age architecture customised to the user’s need and thoughtfully designed ultra-modern amenities. moment. We at Sumadhura do not build not just buildings, but happy homes and healthy communities along with sustainable living.

What are your views on the government policies and reforms to develop the field of real estate, as a major part of the infrastructure development movements? 

The infrastructure and construction sector are integral to the economic growth and development of the country. The government has laid a substantial focus on this sector with the help of pro-industry policies that propels the industry forward. Several initiatives such as smart cities, Housing for All by 2022 and others have given the real estate and construction sector a major boost. With over 80 lakh houses being sanctioned under the Pradhan Mantri Awas Yojana scheme the government continues its efforts to achieve the goal. The additional tax deductions on home loans for self-occupied house owners and tax reliefs on interest paid are incentive enough to boost sales in the real estate sector. Also, the reformative steps and policies in the form of RERA, GST, REIT (real estate investment trust), Benami Transaction Amendment Act have made the sector much more transparent with financial discipline and increased efficiency. The concept of REIT is a great boon as it will open up the real estate sector to a broader spectrum of investors who are particularly looking to invest in the real estate sector. Besides this, the government’s decision to increase investment allowance of Foreign Portfolio Investors (FPI) in REITs will further spur the flow of funds in the industry.

How do you view the impact of RERA norms in the construction world? 

What RERA has achieved so far since its introduction in 2016 is one side of the coin. It has protected the homebuyers by providing a dedicated tribunal for addressing their concerns and further empowering them. For the developers, it has not ensured any time-bound approval mechanism which is a huge burden on the project costs and also cost to the end user.

The concerned State Governments or RERA authority need to do much more to make this initiative feasible.  If the Government is committed for the growth and promotion of a healthy, transparent, efficient and competitive real estate sector, we feel the implementation of RERA and creation of a single window system for ensuring time bound project approvals and clearances of the project should go hand in hand.