Track2Realty: The real estate sector has welcomed the Union Housing Minister Ajay Maken’s move to accord infrastructure status to affordable housing on expected lines. The industry body CREDAI has nevertheless called for extending similar treatment to the entire housing sector again on expected lines. However, the market dynamics defy any dreams of mass housing or cheap housing even for the economically weaker sections.
Track2Realty Exclusive: Come budget and the real estate in the last few years seems to have been repeating the rhetoric of industry status. As a result, year after year it has been a case of realty proposes and the Finance Minister disposes. However, the sector on the eve of 2013-14 makes a strategic shift to be more realistic with its causes and concerns.
Track2Realty: CREDAI has expressed strong resentment to the Union Government’s proposal for compulsory reservation of 35% of dwelling units built for the economically weaker sections (EWS).
Experts in the urban policy and planning are of the view that since none of the traditional solutions have worked, it calls for fresh approach and out-of-the-box thinking to make India slum free. Pranay Vakil, Chairman of Knight Frank India outrightly blames the ambiguous policies coming in the way of slum redevelopment. He says there is no dearth of expression of interest and even some of the international players had recently tied-up with the Indian partners for the same. He urges the Government for consistency in policy guidelines if slum free cities have to be a realty reality.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.
I would say I am relatively dissatisfied with the focus of budget on realty sector in the last ten years. Our expectations have never been fulfilled and I now demand investments in infrastructure sector should be set as a priority, as good infrastructure is very necessary for the economic growth of the country.