Prime Minister Narendra Modi has secured a third term in office, but the BJP fell short of a full majority by 32 seats, necessitating coalition support from key allies like JD(U) chief Nitish Kumar and TDP’s chief Chandrababu Naidu. This coalition victory has significant implications for the real estate market, bringing much-needed policy certainty and bolstering investor confidence.

The scale of the BJP’s victory has delivered unprecedented policy certainty, which is crucial for the real estate sector. Political stability and clear government policies directly influence investor confidence, affecting real estate investment decisions positively.

Key policies and reforms

New Tenancy Act:

The government’s new tenancy act has revitalized the rental housing market by introducing accountability measures and transparency in rental agreements.

Stressed Asset Fund:

The ₹25,000 crore stressed asset fund reflects the government’s commitment to addressing stalled housing projects. Offering priority debt has restored buyer confidence, leading to a swift revival of construction activities across major markets.

Credit Linked Subsidy Scheme (CLSS):

The extension of CLSS under PMAY until December 2024 has significantly boosted demand.

Realty Stress Fund:

The establishment of a ₹60,000 crore realty stress fund has provided crucial last-mile funding to builders, allowing them to resume construction projects.

RERA and Consumer Protection:

Institutionalization of RERA across states to enhance consumer protection and developer accountability.

Urban Infrastructure Initiatives:

Initiatives like Smart City, AMRUT, and Pradhan Mantri Awas Yojana (PMAY) have increased demand in the real estate sector post-elections. These efforts focus on improving urban infrastructure and providing affordable housing, thereby enhancing the quality of life in cities.

Structural Reforms:

Government’s focus on structural reforms to liberalize the economy, particularly in infrastructure and renewable energy sectors. Anticipated reforms in land acquisition and business practices are expected to attract increased investor interest and spur further growth in the industry.

Prime Minister Modi’s third term has brought stability and policy certainty, crucial for the real estate market. The government’s commitment to reforms and infrastructure development has bolstered investor confidence, leading to a positive outlook for the sector. With continued political stability and strategic initiatives, the real estate market is poised for significant growth in the coming years.

Prime Minister Narendra Modi is set to inaugurate the new integrated terminal building of Veer Savarkar International Airport in Port Blair on July 18 via video conferencing. The terminal, built at a cost of approximately Rs 710 crore, spans an area of around 40,800 sqm and has the capacity to handle at least 50 lakh passengers annually. It includes an apron suitable for accommodating two Boeing 767-400 and two Airbus 321 aircraft, costing around Rs 80 crore.

The new integrated terminal building at Veer Savarkar International Airport, Port Blair, will ensure easier travel to Andaman and Nicobar islands. This will be a big boost for tourism in particular. The building will be inaugurated tomorrow, 18th July, at 10:30 AM. –  PM Modi’s tweet

The terminal’s design is inspired by a shell shape, symbolizing the sea and islands, and it features 28 check-in counters, three passenger boarding bridges, and four conveyor belts. Sustainability measures such as a double insulated roofing system, LED lighting, and low heat gain glazing are incorporated. The airport will receive 100% natural lighting for 12 hours daily through skylights along the roof.

To enhance sustainability, the terminal incorporates rainwater catchment, an on-site sewage treatment plant that reuses 100% of treated wastewater for landscaping, and a 500 KW capacity solar power plant.

The new integrated terminal building at Veer Savarkar International Airport, Port Blair, will ensure easier travel to Andaman and Nicobar islands. This will be a big boost for tourism in particular. The building will be inaugurated tomorrow, 18th July, at 10:30 AM. https://t.co/iGP2ZLJxYl pic.twitter.com/i2QK2rwArO

— Narendra Modi (@narendramodi) July 17, 2023

This modern facility is expected to boost air traffic, tourism, and connectivity in the Andaman and Nicobar Islands, while providing an economic uplift to the region. The airport is named after the renowned freedom fighter Vinayak Damodar Savarkar, also known as Veer Savarkar. Besides the civilian terminal managed by the Airports Authority of India, other air traffic operations in Port Blair are undertaken by the Indian Navy. The airport’s current runway, with a length of 3,290 m, can accommodate narrow-body aircraft such as Airbus A320, Airbus A321, and Boeing 737.

Assam Chief Minister Himanta Biswa Sarma on Friday hit out at the Opposition as they staged a walkout from the Lok Sabha during Prime Minister Narendra Modi’s reply to the motion of no confidence and said that their walkout exposed their design that they had nothing to do with Manipur. He also said that the Opposition just wanted to disrupt the Parliament. “Opposition demanded that PM Modi should speak on Manipur and when he started speaking they walked out. That completely exposed their design that the intention of the opposition was nothing to do with Manipur. They just wanted to disrupt the Parliament,” CM Sarma said.

The chief minister also praised PM Modi’s speech and said he spoke from his heart adding that he showed his affection for the people of Manipur. “PM Modi spoke from his heart. He also showed his affection for the people of Manipur. As a principal party, they should have listened to Prime Minister’s speech till the last,” CM Sarma said. As the Prime Minister was taking on the Opposition on several issues, the members of I.N.D.I.A bloc staged a walkout from the House, literally making the Opposition benches empty. However, the no-confidence motion was defeated in the Lok Sabha. The NDA defeated the no-confidence motion comfortably with a voice vote in the Lok Sabha.

Meanwhile, PM Modi on Thursday, while speaking on a no-confidence motion in Lok Sabha, assured for strictest punishment for the accused who indulged in crimes against women. Asserting that state and central government are working to restore peace in Manipur, the PM said that the government is taking steps to bring normalcy there. “Both the state and central governments are doing everything possible to ensure that the accused get the strictest punishment. I want to assure the people that peace will be restored in Manipur in the coming time,” PM Modi said while replying to the no-confidence motion against his government. “There are serious crimes against women and they are unforgivable,” he added. He further said the country is with the people of Manipur.

“I want to tell people of Manipur including women and daughters of Manipur that the country is with you,” he added.

The opposition moved a no-confidence motion against the Modi government on July 26 which was taken up by Lok Sabha Speaker Om Birla. The three days of the motion witnessed a fierce battle between the ruling and the Opposition coalitions over the Manipur violence and other raging issues.

The ongoing session of Parliament is set to conclude on Friday after three weeks of turmoil, during which the Opposition and treasury benches faced off on the issue of ethnic violence in Manipur. Meanwhile, the suspension of the Congress MP Adhir Ranjan Chowdhury, who is also the Leader of the Opposition in the Lok Sabha is likely to dominate proceedings in the Lower House. Congress Parliamentary Party Chairperson Sonia Gandhi has called a meeting of party Lok Sabha MPs today morning to discuss the suspension of Chowdhury. The meeting is scheduled to be held at the party’s parliamentary office at 10:30 am. According to the listed legislative business in Lok Sabha, Union Finance Minister Nirmala Sitharaman will introduce the Central Goods and Services Tax (Amendment) Bill, 2023. The Centre is set to push legislation in Lok Sabha to impose a 28 per cent Goods and Services Tax (GST) for online gaming, casinos and horse racing.

Sitharaman will also introduce the Integrated Goods and Services Tax (Amendment) Bill, 2023. Both bills will be discussed for consideration and passage. YSRCP MP Reddeppa Nallakonda Gari will move a private member resolution on the ‘Beautification and Modernization of Railway Stations under the Adarsh Station Scheme’ in the Lower House.

Meanwhile, in Rajya Sabha CPI MP Binoy Viswam will move a private member resolution to formulate a Gig Workers’ Rights Bill with provisions for mandatory registration of aggregators and workers, issuance of unique IDs, provision of minimum wages, levying of fees for social security benefits and creation of a Gig-Workers’ Welfare Fund under a Gig-Workers’ Welfare Board to look after the welfare of gig-workers and their dependents. CPI MP John Brittas will move a private member resolution to take steps to amend Section 18 of the Constitution (One Hundred and First Amendment) Act, 2016, so as to provide compensation to the States for the loss of revenue arising on account of implementation of the GST for a total period of ten years.

RJD MP Manoj Jha has given a suspension of business notice in Rajya Sabha seeking discussion on the situation in Manipur. He further demanded that Prime Minister Narendra Modi makes a statement on the Manipur issue in the Upper House. “I would like to move a motion for the adjournment of the business of the House Under Rule 267 of the Rules of Procedure and Conduct of Business in Rajya Sabha to discuss the Union and State Government’s failure to restore peace and maintain law and order in the state of Manipur which has led to the violation of fundamental rights of the citizens of Manipur and therefore it is demanded that the Prime Minister makes a statement on the floor of the house regarding this issue which should be followed by a detailed and comprehensive discussion,” the notice read. Prime Minister Narendra Modi on Thursday took part in the no-confidence motion debate and described the violence-hit Manipur as a “piece of one’s heart”.

PM Modi said that all efforts will be made to restore peace in the northeastern state which will soon walk the path of progress. “The north-east is our ‘jigar ka tukda’. The problems of Manipur are presented in such a manner as if they had begun in the recent past,” PM Modi said. The no-confidence motion was defeated in the Lok Sabha. The NDA defeated the no-confidence motion comfortably with a voice vote in the Lok Sabha. The opposition moved a no-confidence motion against the Modi government on July 26 which was taken up by Lok Sabha Speaker Om Birla.

Congress leader Rahul Gandhi, whose parliamentary membership was restored on Monday, is likely to open the discussion on the no-confidence motion in the Lok Sabha on Tuesday. Manipur set to dominate the three-day debate commencing on Tuesday noon in the Lok Sabha on the opposition’s no-confidence motion. Meanwhile, INDIA party’s floor leaders meeting will be held at 10 am in the Parliament to chalk out the strategy for the floor of the house, important discussion on the no-confidence motion is to be taken up in Lok Sabha. The Narendra Modi-led NDA Government will face a no-confidence motion. The no-confidence motion was moved by the opposition parties of I.N.D.I.A bloc which was accepted by Lok Sabha Speaker Om Birla.

According to sources, a time of 12 hours has been fixed for the discussion. The ruling BJP will get around seven hours to partake in the discussion and around one hour 15 minutes has been allotted for the Congress party. YSRCP, Shiv Sena, JDU, BJD, BSP, BRS and LJP have been given a total of 2 hours, which has been divided according to the number of party’s MPs in the House. AÂ time limit of 1 hour 10 minutes has been allotted for other parties and independent MPs. The debate on the no-confidence motion against the BJP-led government is likely to take place on August 8 and 9 in the Lok Sabha and Prime Minister Narendra Modi is expected to give a reply on August 10.

According to the listed legislative business of Rajya Sabha for the day, Union Defence Minister Rajnath Singh is to move the Interservices Organisations (Command, Control and Discipline) Bill, 2023 in the Rajya Sabha for consideration and passage. The bill will move to the Upper House to empower the Commander-in-Chief or the Officer-in Command of Inter-services Organisations in respect of service personnel who are subject to the Air Force Act, 1950, the Army Act, 1950 and the Navy Act, 1957, who are serving under or attached to his command for the maintenance of discipline and proper discharge of their duties. The Bill was earlier passed by the Lok Sabha.

Meanwhile, Union Minister Dharmendra Pradhan will also move the Indian Institutes of Management (Amendment) Bill, 2023 in the Rajya Sabha for consideration and passage to amend the Indian Institutes of Management Act, 2017. The Bill was earlier passed by the Lok Sabha. Moreover, Ministry of Heavy Industries Krishan Pal, Ministry of Home Affairs Nityanand Rai, Ministry of Finance Pankaj Chaudhary, Ministry of Agriculture and Farmers Welfare Shobha Karandlaje, Ministry of Agriculture and Farmers Welfare Kailash Choudhary, Ministry of Home Affairs Ajay Kumar and Ministry of Youth Affairs and Sports Nisith Pramanik to lay the papers on the table. According to the revised list of business, Jasbir Singh Gill is to present the Seventh Report (Hindi and English versions) of the Committee on Empowerment of Women (2022-23) on the subject ‘Health Facilities for Tribal Women’.

The reports of standing committee on education, women, children, youth and sports, Dharambir Singh and Ratansinh Magansinh Rathod to to lay reports on 352nd report on action taken by the Government on the recommendations/observations contained in the 348th Report on ‘Demands for Grants 2023-24 of the Department of Higher Education, Ministry of Education’.

Meanwhile, Krishan Pal to make the following statements regarding the status of implementation of the recommendations contained in the 311th Report of the Standing Committee on Industry on Action Taken by the Government on the recommendations/observations contained in the 306th Report of the Committee on Demands for Grants (2021-2022) pertaining to the Ministry of Heavy Industries, the status of implementation of the recommendations contained in the 316th Report of the Standing Committee on Industry on Demands for Grants (2022-2023) pertaining to the Ministry of Heavy Industries, the status of implementation of the recommendations contained in the 319th Report of the Standing Committee on Industry on Action Taken by the Government on the recommendations/ observations contained in the 316th Report of the Committee on Demands for Grants (2022-2023) pertaining to the Ministry of Heavy Industries, and the status of implementation of the recommendations contained in the 321st Report of the Standing Committee on Industry on Demands for Grants (2023-2024) pertaining to the Ministry of Heavy Industries

Leaders of several opposition parties on Monday staged a protest in the Parliament complex demanding that Prime Minister Narendra Modi make a statement in the House on the Manipur issue. Holding placards and banners that read “INDIA for Manipur” and “INDIA demands PM’s statement on Manipur”, the opposition parties raised slogans against the government in front of Mahatma Gandhi’s statue in Parliament complex.

Speaking to reporters, Leader of Opposition in Rajya Sabha Mallikarjun Kharge said it is the prime minister’s duty to make a comprehensive statement in Parliament on Manipur violence. “It is shameful that the prime minister is making a statement outside the House when Parliament is in session. It is his duty to make a comprehensive statement inside Parliament on Manipur violence,” the Congress leader said.

It is shameful that the Prime Minister is making a statement outside the House, when Parliament is in session. It is his duty to make a comprehensive statement inside the Parliament on Manipur violence.

Therefore, we are requesting the Chairman of Rajya Sabha and the Speaker of… pic.twitter.com/oSvB3ZcD8u

— Mallikarjun Kharge (@kharge) July 24, 2023

“We are requesting the Chairman of Rajya Sabha and the Speaker of Lok Sabha that the PM should make a statement on the situation in Manipur. We want a discussion under Rule 167 but the Modi government wants a short duration discussion under Rule 176 for half an hour.We want under Rule 267 under which there can also be voting,” he said.

The prime minister should first make a statement and then we will have a discussion under Rule 267, he said The Modi government and the BJP cannot run away from its constitutional duty and answerability on Manipur, Kharge added.

The government has agreed to hold a short-duration discussion on the Manipur issue with the Home Minister replying to it, but the opposition is adamant on its demand for the prime minister’s statement first. Both Lok Sabha and Rajya Sabha have failed to transact any business during the Monsoon Session amid the stalemate between the opposition and the government over the Manipur issue.

Prime Minister Narendra Modi will on inaugurate projects worth over Rs 80,000 crore during his one-day visit to Uttar Pradesh on Friday. After reaching Lucknow, he will attend the UP Investors Summit and then visit the Pathri Mata Mandir in Kanpur along with President Ram Nath Kovind, as per the information shared by the Prime Minister’s Office (PMO)

“Around 11 am, Prime Minister Narendra Modi will reach Indira Gandhi Pratishthan, Lucknow where he will attend the Ground Breaking Ceremony @3.0 of the UP Investors Summit. Around 1:45 pm, the Prime Minister will reach Paraunkh village, Kanpur, where he will accompany President Ram Nath Kovind to visit Pathri Mata Mandir,” according to a PMO release on Thursday.

“During the Ground Breaking Ceremony, Prime Minister will lay the foundation stone of 1406 projects worth more than Rs 80,000 crores. The projects encompass diverse sectors like Agriculture and Allied, IT and Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace, Handloom & Textiles etc. The ceremony will be attended by top industry leaders of the country,” the release mentioned further.

It is anticipated that PM Modi will visit Dr. B R Ambedkar Bhavan and then accompany the President to Milan Kendra, Kovind’s ancestral house.