The present market is more mature and transparent
The government’s measures to restructure the industry is starting to reflect now and the long term benefits are bound to follow, says Samyak Jain - Director, Siddha Group
- Given the major government policies implementation such as GST and demonetization, how was the performance in 2018?
The real estate sector, owing to the proactive reforms and initiatives by the government to streamline the industry, has performed commendably in 2018. Post demonetization, enactment of RERA, followed by the Goods and Service Tax (GST), there was a drastically positive impact on the sector. The government’s measures to restructure the industry is starting to reflect now and the long term benefits are bound to follow.
- Can you give us an outlook on the real estate market?
With a robust framework in place for the real estate market along with the consolidation, the real estate market will see significant momentum in the coming year. The improved sentiment has also encouraged NRIs to view India as an attractive real estate investment option. The effects of RERA are reflected by an increase in demand, particularly in the affordable housing segment, and will continue to gain traction. Even GST has promoted a business friendly environment making India’s realty market more streamlined. This year will surely see more traction with respect to launches and sales.
- What impact does present regulatory environment have on the developers?
The present market is more mature and transparent which was catalyzed by the regulatory norms. It has also helped developers in constructing projects and setting price points in sync with the customers’ demand leading to bridging the trust deficit.
- Please brief us on some of the major projects that have been commissioned or in the advanced stages of completion?
Siddha Group was established in 1986, and has been building projects in Kolkata, Jaipur, Mumbai and Bengaluru. In Mumbai, Siddha Group has its first flagship project called Siddha Seabrook which is the tallest tower (G+54) in Kandivali West with excellent connectivity owing to its proximity to Link road. The project which was launched in the year 2017 and is expected to be completed by 2021, is encompassed with best in class amenities like a private Sky Garden on every 5th floor, automated multi-level car parking, terrace garden, party deck and much more. Moreover, the group has introduced the concept of Rooftop skywalks in their project Siddha Galaxia in Kolkata by constructing the world’s longest rooftop skywalk. Most importantly, Siddha Group will be delivering 2000 units every year from 2019 onwards.
