Demonitisation, GST positive for realty sector: Tulip Infratech

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Rituparna Kakati | 16 Aug, 2017
While the initial impact was bit disruptive, demonetisation is proving to be beneficial for the real estate industry. Similarly, GST is having a positive effect on the industry, said Parveen Jain, CMD Tulip Infratech, in an exclusive interview with SME Times.

Excerpts of the interview...

Please tell our readers about your company?
Parveen Jain: Tulip Infratech is a Real Estate Development Organization in Delhi Gurgaon NCR (National capital Region) in India with its Corporate office in Gurgaon and registered office in Connaught place in the heart of Delhi. Tulip was started in the year 2005 and since then there has been no looking back.

Tulip, within a short span of time of the last decade, has become a major force to reckon with in the Real estate sector. Tulip ventured mainly into Group Housing projects along with commercials and has been successfully delivering the projects to its clients year after year where clients are cherishing their stay. This high benchmark of successful delivery of quality projects on time to its clients has won the trust of the buyers and investors and the successful business journey of Tulip is going on.

What are the ongoing projects Tulip Infratech?
Parveen Jain: The major ongoing projects of Tulip Infratech are the huge Group Housing project Tulip Violet in Gurgaon, the Affordable Housing project Tulip Lemon in Gurgaon where The latest 'Mivan' construction technology is being used and the new towers of Group Housing project Tulip Grand in Sonepat.

Two other major group housing projects Tulip Purple and Tulip Ace have been completed in the recent past with several other projects having been successfully delivered in the past decade.

Please tell us about the current scenario of the real estate industry?
Parveen Jain: The current scenario of the real estate industry is that it is recovering well from the earlier slowdown with major emphasis being given on Affordable housing creating more demand and supply and in consonance with the government's mission of providing 'Housing for All by 2022'.

Also with RERA and GST coming into being, is bringing back the Real estate sector on the right track which have rightly taken the cause of the buyers with major emphasis on timely delivery of the projects and the system becoming more transparent.

What are the effect of GST on the industry?
Parveen Jain: GST is having a positive effect on the industry where in lieu of multiple taxation system, now a single consolidated tax system has come into being. This way the things are becoming more simplified, less cumbersome and more transparent.

How much demonetisation impacted the industry?
Parveen Jain: Demonitisation had a positive impact on the industry with the system becoming more transparent and systematic. Although for a few initial months right after demonetisation, there was some slowdown because of coming to terms with demonetisation which was but natural, but now the things have come back to normalcy and demonetisation is proving to be beneficial for the industry.

What are the effects of RERA on the industry, positive or negative?
Parveen Jain: RERA is going to have positive effects on the industry as it has addressed the issues and problems being faced by the industry. RERA is buyer-friendly and is going to make the system more transparent, systematic and streamlined.

How Govt's focus on housing will impact the industry in coming years?
Parveen Jain: Govt's focus on its mission of providing 'Housing for All by 2022' is going to have a positive impact on the industry as the main emphasis now is to provide Affordable Housing which is going to increase the demand emphatically and in turn the supply of Housing and supporting infrastructure also. This way the Real estate industry shall be on its way to prosperity.

Please share future plans of Tulip Infratech.
Parveen Jain: Tulip Infratech has several upcoming projects like three commercials at sectors-104, 68and 89 Gurgaon, two affordable housing projects at Dharuhera, one group housing project at sector-69 which are in pipeline. Efforts are being consistently made for further growth and expansion in other cities.