Maharashtra is among the leading states when it comes to implementing regulatory norms
Real estate primarily provides shelter which is the basic need for citizens. Beyond this, it is also the second-largest employment generator. It supports 250-plus ancillary industries, as also is a primary driver of GDP growth. All these factors underline the importance of real estate as also, its revival, for the country.
- Jitendra Mehta
President, CREDAI MCHI Thane
According to you, how important is the revival of real estate sector for the country?
Real estate primarily provides shelter which is the basic need for citizens. Beyond this, it is also the second-largest employment generator. It supports 250-plus ancillary industries, as also is a primary driver of GDP growth. All these factors underline the importance of real estate as also, its revival, for the country.
How do you view the real estate market performance in Maharashtra and Thane region in particular?
Maharashtra is among the leading states in India if we consider the organised real estate market. It is well regulated thanks to MAHARERA, and largely, supports end-users as also investors. Maharashtra has a healthy mix of residential and commercial real estate, which reflects the balanced growth of the state. In Thane, the real estate market is steady and stable, with no sudden price fluctuations. It offers steady growth levels for those looking at wealth creation and growth, as also offers housing options across all segments. This makes it a well-balanced real estate market which has a proven track record of being a stable real estate market, with excellent performance.
What are the major project viability issues faced by the realty players?
Viability is not an issue in Thane, rather the challenges include keeping in sync with global trends which the discerning buyer wants. The market scenario in Thane is one where demand for residential and commercial properties complements economic growth. The complete package which Thane's real estate offers sets a constant set of challenges for the developers - a progressive market means ensuring customer delight is an ongoing process; and ensuring we keep up with global best practices the biggest challenge.
In spite of many policy measures such as RERA and government schemes, there is still lack of transparency in real estate sector. What is your view?
In Thane, transparency has been a primary component of real estate; Maharashtra is among the leading states when it comes to implementing regulatory norms. Real estate development, as a result, is done following proper norms, transparency being one of the major components. It is true that in the past, there were a few developments in some micro markets which did not follow the norms, but post RERA, there is hardly any instances where transparency is an issue in Maharashtra as also in Thane.
What are the sustainable practices adopted in building construction?
Green initiatives in terms of materials and technologies have been followed in Thane's real estate development since a long time. Industry bodies like CREDAI MCHI Thane play a major role in the process of implementing green initiatives.
What is your outlook on the real estate sector?
It is a fact that infrastructure growth drives real estate development, and Thane reflects this to the maximum. Thane's biggest plus point is existing infrastructure as also the construction of ongoing projects. We are a real estate market with huge potential for development; our track record shows the synergy between infrastructure growth and real estate development. Obviously, the future growth potential is high as well. Given this scenario, I am bullish on Thane's real estate growth prospects being accelerated by infrastructure growth.
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