At the 'Nirman Bharat Summit', Manoj Gaur, CMD of Gaur Group, candidly discussed the positive impacts of GST and RERA on the real estate sector, the bright future of Delhi-NCR, and the shifting preferences of consumers. He stated that GST will have a significant positive impact on the real estate sector.
Due to GST, developers won't need to increase construction costs annually. Building a home involves over 250 components, and changes in GST rates directly affect the total cost of a house. However, he clarified that further analysis is required to understand the final impact on home prices. Overall, GST is expected to stabilize costs, benefiting homebuyers.
Manoj Gaur noted that with the advent of RERA, customer confidence in the real estate sector has significantly increased. Developers are now completing projects on schedule, which has improved both the quality and delivery of projects. Meanwhile, consumers have become more informed and thoughtful about buying homes, which is positive for the entire sector. Due to reforms in RERA and GST, there have been substantial changes; negligence is no longer an option. Previously, the lack of control allowed anyone to become a builder and sell homes indiscriminately; now, that's not possible. He advised potential buyers to thoroughly research builders and visit locations personally.
Discussing the future of Delhi-NCR, Manoj Gaur mentioned that this region will transform entirely in the next 10-12 years. Describing the development on the Yamuna Expressway as crucial, he remarked that once Noida International Airport is operational, this area is set to become the most developed in the country. Praising Noida and Greater Noida over Gurgaon, he noted these cities' planned development and the attention to residents' amenities.
Speaking about changing preferences, Manoj Gaur said post-COVID-19, buyers have shown a strong penchant for larger, open homes with ample greenery as opposed to compact 2BHK units. The age of buying homes has decreased; previously, individuals purchased homes in their 40s to 45s, but now 30-year-olds are keen to own homes.
Manoj Gaur shared that in the next 5 to 10 years, technology will be increasingly leveraged in the real estate sector. The construction process will become faster, mindful of environmental impact, and homes will be delivered to customers in shorter time frames.
