The crisis-ridden real estate sector, feeling neglected by the United Progressive Alliance (UPA) government, is warming up to the Bharatiya Janata Party (BJP) and its prime ministerial candidate Narendra Modi to lift its fortunes. In the wake of economic instability, the realty industry has been facing severe stress with a clouded investment outlook. Its industry captains are looking forward to a strong and stable government that can put the battered economy back on rails and undertake the necessary reforms to revive the real estate sector.
The apex body of real estate developers, the Confederation of Real Estate Developers Associations of India (CREDAI), has been quite critical of the UPA government’s policies, and in denying the sector its rightful due. It laments that the real estate sector that contributes six percent to the country’s gross domestic product (GDP) is also burdened with heavy taxes – it amounts to over 30 percent, with stamp duty alone amounting to Rs.32,000 crore ($5.3 billion).
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