The recent relief measures to help revive the real estate sector, have gained significant attention of the stakeholders resulting in improved sentiments across the affordable housing hubs of NCR. Just after the finance minister announced the creation of an alternative investment fund for the completion of stalled housing projects, locations like Raj Nagar Extension, Greater Noida West and Yamuna Expressway are witnessing a sudden upsurge in demand. Already the fast-emerging REIT opportunities have made the retail and commercial properties at all these realty hotspots the most compelling value proposition for the investors.
Especially the high street shopping destination KW Delhi-6, located at Raj Nagar Extension is witnessing significant upsurge in selling of shops after all these positive announcements, so much so, the most lucrative blend of modern retail, street shopping and food zone just like Delhi-6 market, the incredible project KW Delhi-6 has become cynosure of all eyes.
“It is due to the recent reform push coupled with major initiatives to boost the infrastructure, the well-known residential hotspot Raj Nagar Extension in Ghaziabad has emerged as a Mecca for the seekers of commercial properties as well. While the investor-friendly policies introduced by the government have augmented the demand in the commercial and retail segment, increasing transparency has further improved the market sentiments in Raj Nagar Extension,” said Mr Pankaj Kumar Jain, Managing Director, KW Group.
While giving his views of on the recent announcement of setting up of alternative investment fund, Mr Jain added, “The recent alternative investment fund has come as a much-needed relief for the stressed real estate projects across the country and the move comes as corrective measure to the earlier announced AIF, since it covers NCLT projects and the projects which are categorised as NPAs as well, whereas the earlier real estate booster announced by the government did not include such projects.”
Mr Som Mandal, Managing Partner, Fox Mandal said, “For the beleaguered realty sector battling muted demand and severe cash crunch scenario the present REIT opportunity has emerged as a silver lining. However, REIT will provide only limited relief and the government must go ahead and streamline provision for stress funds as well as easier financing on cheaper lending rates for the builders to meet the demand for last-mile funding to deal with stalled projects.”
The alternate investment fund is being touted as a booster for real estate and it is expected to revive more than 1600 stalled housing projects encompassing over 5 lakh units. The announcement of this much-awaited relief package is expected to considerably revive the market sentiments and bring the beleaguered real estate sector back on the high growth trajectory. The fund can be utilised even by the projects facing insolvency proceedings or which have been declared.