Government’s concern towards real estate creates hope
New Delhi- The developers all over the country are expecting an industry status as well as favourable policies in the realty sector in the year 2013.
However, in the year 2012, the government had initiated few favourable real estate regulations which benefited the real estate sector.Owing to this, the year 2013 can have the execution of the former year policies. Various realty experts also feel that the year 2013 will implement steps which can formulate the real estate sector.
One of the developers stated that the Indian real estate industry is currently going through a transformation and that in 2012, there were aot of participants putting in efforts to create transparency within the sector.
The transformation in this sector will help both the stakeholders and the buyers. Peripheral areas in most of the cities are expecting help from the government in terms of positive initiatives like priority lending from banks, RBI rate cut and project approvals through single window clearance process.
Despite the economy having its ups and downs in the year 2012, there was a balance in the realty sector due to various initiatives by the government. There was a slowdown in the Indian economy in the mid 2011 and mid 2012, but eventually rebounded due to the cut in interest rates and proactive measures by the government for the development of the economy. Also the changes in the FSI norms and its approvals caused a delay from the developers side. This year seems to be a win-a-win situation for both the customers as well as the buyers.
Various areas all over the country have created the property destinations for the investors for the year 2013. Features like developed infrastructure and proximity to all the business areas have made it more convenient.
It is believed that joint government efforts will help in the revival of the realty sector to reach new heights. Government’s concern towards the industry and RBIs efforts to develop the sector will also help. Developers also pray that the Housing Ministry works with Finance Ministry to deal with the affordable housing problems.
There are innumerable real estate issues to be handled on an instant basis and factors like the approval of single window clearance, stamp duty and VAT should be taken care of.
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