Real estate bill to provide affordable housing
The government Friday said it is committed to providing affordable housing to all and that work is underway on a real estate regulation bill.
The government Friday said it is committed to providing affordable housing to all and that work is underway on a real estate regulation bill.
Buying an office or retail space is a huge investment, which is why commercial real estate has been traditionally seen as an asset class that only institutional investors or heavyweight HNIs could invest in.
Over the last six to seven years, the number of investors who enter the residential real estate sector for the purpose of capital appreciation has been increasing.
Nearly four years back when the real estate market was at its peak all the developers tried to diversify into other greener pastures.
According to the 2010 census, Mumbai now houses around 14 million people, which makes it India’s most populous city and the world’s second-most populous city.
It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.
Nearly all the real estate developers, a whopping 96 per cent, across the country are cribbing for the sectors’ continued under representation in the Union Budget over the years.
A random Survey of the Associated Chambers of Commerce and Industry of India said that in the view of continuous elevated inflation and increase of price of commodity across globe, has made out a strong case for continuation of stimulus package so that the growth momentum is not spiked.
The RICS, an international, self regulatory professional body relating to real estate, has called for a mechanism for consumer protection and fair practices in real estate transactions. This will also help increase domestic and foreign investments in this sector.
The Confederation of Real Developers Association of India has said the Government could consider a scheme along the lines of the First-Time Home Buyer Tax Credit allowed in the US with the benefits going directly to the consumer.