Government Not responded to Real Estate Growth Opportunities in the Last One Decade
Urban development minister Kamal Nath addressing the 11th National Conference of Credai (Confederation of Real Estate Developers’ Association of India) in Singapore, admitted that the government has not responded to the tremendous growth in the real estate sector in the last one decade appropriately.
Kamal Nath admitted that the government didn’t respond well to real estate growth opportunities in the last one decade and not much progress has been made in the area of “land economics” too. Kamal Nath said, “We have to move from the stage of no practices and bad practices in real estate to best practices.” In his speech, Kamal Nath said “mission transparency is not only for the real estate but also for the government”.
Asking the government to facilitate a single window clearance to help bring down corruption in the real estate sector, Credai president Lalit Kumar Jain said, “India is one of the most corrupt countries in the world and the real estate sector is its biggest contributor.” Real estate experts said about 50-60 per cent of the sale value goes towards approval and taxes. With a change in policies, the costs can be reduced. This would directly benefit the middle class. Credai has submitted an action plan to the urban development ministry with a detailed checklist of approvals required and those which can be done away with.
CREDAI (Confederation of Real Estate Developers Associations of India) national president Lalitkumar Jain, said the developer community was being branded as being corrupt. Instead of indulging in blame game, CREDAI seeks an appointment with the prime minister to discuss ways and means to check the cancer of corruption.
“The Confederation today presented a time-bound action plan to union urban development minister Kamalnath at the two-day 11th National Conference ( NATCON) of CREDAI in Singapore,” said a CREDAI official.
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