Exit polls result; BJP, NDA seat wins: Experts see faster nods, more affordable homes driving real estate market

All exit polls are backing an NDA alliance comeback in the 2024 Lok Sabha elections, possibly with a mandate higher than that of 2019. An expert opinion suggests the sector could experience a significant boost with the potential for faster approvals and more affordable homes, if the BJP, NDA alliance secures a majority on June 4. 

This potential scenario could bring about a wave of positive change and growth in the industry.

LC Mittal, Director of Motia Group, said, "The real estate market can only be effective under policy and stability in the economic market. A clear majority win in the 2024 polls could open up opportunities for other reforms in context of land procurement, surge in approvals and affordable housing that will in general ignite the prospects of the sector."

"The future government is expected to have policy change that will affect the real estate practices either directly through some of the determinants of supply such as interest rates, tax incentives, or indirectly through changing some regulatory environment impendent on the real estate industry. Industry-oriented development policy with centricity on issues affecting the sector and policies that support investment can bring in new opportunities for development and acquiring walls for buyers and developers," said Mittal.

In addition to the macro and micro-economic aspects that are associated with the real estate market, the role of the political system and the government policy direction is absolutely critical. The expectations are that this election will determine the market’s regulations in 2024, clashing with either boosting or slowing down the sector’s progress. It's crucial for our audience to understand the significant impact that government policies can have on the real estate sector.

Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited, said, "There is hope for the industry to receive a boost from government, some proposals for reforms aimed at land acquisition and simplification of procedures to the approval of real estate projects and facilitation of affordable housing could go a long way in helping the growth of the industry. However, some pull factors can lead to difficulties: political instability or unfavourable policies can negatively affect the situation with the developers, investors and potential homebuyers, so the rate in the real estate market may slow down."

In addition, Aman Gupta, director of RPS Group, said, " A stable government with a favourable attitude towards businessmen could expand the opportunities for the development of new heavy projects and increase the population density of wind power stations, while the opposite opinion may mean political instabilities and a decrease in the rate of investment in the field."

The exit poll summary indicates that the ruling National Democratic Alliance (NDA) will likely secure more than 350 seats in the Lok Sabha, well above the 272 required for a simple majority. In contrast, the opposition INDIA alliance, headed by the Congress, is projected to win over 120 seats.