Realtors defer launching of new projects for polls

The realtors in the city have deferred launching of new projects as the consumers are pulsated with impending polls in the state and are awaiting the formation of a new government.

"Builders are not risking launching new big ticket projects as state is heading for the polls. They are pushing their project launching by about two months and will come up with new projects only after the new government is formed," said Sanjay Kumar Jha, secretary of Real Estate Developers Association of Odisha (Reda).

Realtors said that the launching of about four to five big ticket projects (having more than 100 units), which have been cleared by Bhubaneswar Development Authority (BDA), has been postponed till the completion of the elections.

However, the builders continue to come up with small projects, Reda secretary said. Builders are hopeful of reforms in the tax structure with the coronation of a new government. "There is hope that the market will correct after the polls. Builders are concentrating on exhausting the piled up inventories and not bringing in the new ones. Availability of products has eclipsed the market demand," said D S Tripathy, joint secretary, Confederation of Real Estate Developers' Associations of India (Credai).

There might be some reforms in the taxation structures after the formation of new government and fresh products will be launched accordingly, Tripathy hoped.

The realty sector has gone through a tumultuous phase after the slowing down of economy followed by slowdown in the mining sector and busting of chit fund scams.