The 6th Annual Edition of The Real Estate & Construction Legal Summit 2017
After having completed 5 successful editions, Lex Witness proudly presents The 6th Annual Edition of the Real Estate & Construction Legal Summit 2017 scheduled to be on 26th May 2017, Le Meridien, New Delhi.
The real estate sector is one of the most globally recognised sectors. In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. The real estate sector comprises four sub sectors – housing, retail, hospitality, and commercial. The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP). In the period FY2008-2020, the market size of this sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.
The private equity investments in real estate increased 26 per cent to a nine-year high of nearly Rs 40,000 crore (US$ 6.01 billion) in 2016. Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high demand for office space in recent times. The office space absorption in 2016 across the top eight cities amounted to 34 million square feet (msf) with Bengaluru recording the highest net absorption during the year. Information Technology and Business Process Management sector led the total leasing table with 52 per cent of total space uptake in 2016. Mumbai is the best city in India for commercial real estate investment, with returns of 12-19 per cent likely in the next five years, followed by Bengaluru and Delhi-National Capital Region (NCR). Source – The Indian Brand Equity Foundation
WELCOMING THE NEW INDIAN REAL ESTATE REGIME 2.0 – PRESSING THE RESET BUTTON
The aforesaid facts raise a very promising scope as a sector and the possible business environments it can contribute to Indian Inc. in times to come. However, the recent past has been full of challenges and hassles in terms of legal, regulatory, financial and other parameters that let a sector flourish. However, with the new government machinery and forces in place, the future seems to be quite new and different as major elements like business transparency, consumer confidence etc. will all be reinstated as and when the new set of legislation and regulatory steps come into action.
BUT, IS THE SECTOR PREPARED AND GEARED TO THE YEAR OF CHANGE?
While the environment is turning positive both for the developers and consumers, it is very critical to see that there is a robust framework in place at all levels to smoothly transit into the new ecosystem. With The Real Estate & Regulatory Act, Benami Transactions Act, GST and many other vital changes coming into play, there is a major responsibility on the General Counsel and the legal and regulatory functions to keep all checks in place and implement a full proof compliant business plan together with the business functions internally and of course external counsel with game changing legal acumen and advisory in place.
This will not only be a true test to all the stakeholders of the sector but a boon for the consumers to see an all new side of the Indian Real Estate Scenarios – much more transparent and organized.
It is in this context that The 6th Annual Edition of the Real Estate & Construction Legal Summit 2017 scheduled to be on 26th May 2017, Le Meridien, New Delhi. brings together various stakeholders of the governance and legal machinery of the country to see how best the existing challenges can be tackled with and foster the growth within the sector.
So Join the Country’s Most Awaited Discussion on The Real Estate Legal & Regulatory Mandates. Register now to reserve your seat.