Some of the other areas that require attention include tax rebates on housing loan interest rates, GST waiver for under-construction properties, rise in FDI inflow, expanding the government-backed stress fund SWAMIH, the introduction of new mechanisms to ensure ease of acquiring funds for real estate projects and most importantly attaining an industry status. It will help towards the elimination of unnecessary processes, better transparency, ease of getting approvals. Incentivising both, rental as well as affordable housing sectors accompanied by incentivisation of private investment in the affordable housing sector can also be a critical push that the government can induce to ensure the growth of India’s real estate sector. For India to achieve the vision of a 5 Trillion economy, the government must provide requisite thrust to this labour-intensive sector as it supports employment as well as 200 ancillary industries including SMEs and MSMEs”.
The author of this article is Prashant Solomon, MD, Chintels India & the Hon. Treasurer for CREDAI NCR
The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com
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