Reforms, like RERA & GST, set to boost housing sector growth in 5 years
- IBJ Bureau
- Jul 04, 2022
Domestic housing sector is set to grow for the next five years after a lull of several years. Housing finance companies are well poised to tap this opportunity aided with sectoral reforms, such as RERA and GST, which that have brought in the much-needed transparency, PNB Housing Finance has said in its annual report 2021-22.
India showed resilience and recovered quickly from the pandemic induced challenges, emerging as the fastest-growing economies in the world, Hardayal Prasad, the managing director and CEO of PNB Housing Finance, has said in his address to shareholders.
“After a lapse of several years, the residential real estate market is expected to grow for the next five years. HFCs will be able to tap the opportunity. Consumers today are more convinced about their investments and we are confident that the housing sector offers great potential,” Mr Prasad has said.
Besides, with the recent government policies and specific initiatives, like the Production-Linked Incentive Scheme (PLI), India is well-positioned to emerge as a manufacturing hub.
“This, in turn, will have a trickle-down impact across all the sectors and help the country emerge as a $5-trillion economy. As we look ahead, we feel that the Indian economy is in much better shape to tackle external shocks,” Mr Prasad has said.