Government to Analyze Developers’ Demands to Promote Realty Sector: Housing Secretary
In a bid to encourage investments in real estate in India, Shri Durga Shanker Mishra, Secretary of, Housing and Urban Affairs Ministry, emphasized that the government will analyze various demands proposed by the Realty developers.
In a webinar session while responding to Mr Niranjan Hiranandani, President NAREDCO. The Secretary remained affirmative of taking up all the demands into consideration including the extension on the timeline for completion of projects by 6-7 months, extension in property registrations.
The secretary also, mentioned that the real estate sector in India contributes to 7 per cent of the total gross domestic product (GDP). Adding further he mentioned that real estate valuates for a 200-billion USD revenue industry and is firm to surpass a 1-trillion USD mark sooner on account of rapid urbanization.
Housing and Urban Affairs Ministry emphasized investment in affordable housing, as the highest housing demand is in economically weaker section (EWS) and low-income group (LIG), and observed that the Gen-Y has also shown interest in buying 2-3 BHK flats and not bungalows.
The secretary informed that India’s ranking in ease of doing business in the development segment in realty enhanced to 27 from 186 last year. He further said we are certain that next year’s index will get us in the top-20 spot in the new ranking list and this will further boost more confidence in the Real estate market in India, making the realty sector investments a safe bet on account of returns.
