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In this episode of the State of the Economy podcast, businessline’s Abhishek Law talks to Divyesh Doshi, Director of the Kinjal Group, about the real estate trends for fiscal year 2024.
The conversation begins by focusing on both home sales and commercial real estate. Doshi highlights the 11,00,000 crore infrastructure spending announced in the interim budget and expresses optimism for the real estate sector. He anticipates further growth with the final budget in July, expecting favorable measures for the sector.
Discussing commercial real estate, Doshi notes significant growth, particularly in the residential luxury segment in South Mumbai, where the demand for high-end properties remains strong. He also mentions the affordable housing segment in the MMR region, especially in areas like Vasai, Virar, and Kalyan Dombivli, which continues to see good demand.
When asked about budget expectations, he emphasises the need for infrastructure status for the real estate sector, which would bring various benefits, including tax rate concessions. He recalls the positive impact of infrastructure status granted to the affordable housing segment in 2018 and hopes for similar support for the entire sector. He also advocates for reduced GST rates and lower interest rates to further boost the sector.
Towards the latter half of the podcast, the conversation shifts to redevelopment projects, which Doshi believes are essential due to limited open land in cities. He highlights the importance of incentives and streamlined approval processes to make these projects viable. Addressing the future of commercial real estate and Real Estate Investment Trusts (REITs), Mr. Doshi is optimistic. He sees REITs gaining popularity among young investors and expects the market to grow, with more commercial and retail projects attracting investment.
(Host: Abhishek Law; Producers: Amitha Rajkumar)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.
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