Soaring realty prices shatter dream of owning home for middle class
The upwardly rising housing budget is expected to make the dream of owing a home difficult for the middle class and the lower income groups in India. The skyrocketing realty prices along with the increasing registration and the construction costs have compelled most of the buyers to opt for a rented house rather than investing in a property.
In order to make home buying an easier process, the government can control the raw material and the constriction costs despite being difficult. Home buying can be encouraged through various measures and incentives which can further decrease the common man’s burden in terms of property investment.
The current urban housing shortage in India is estimated as 18.78 million households in the year 2012. It is very important that the government encourages the construction of housing in the country to give shelter to everyone. This can be done only if all the stakeholders like the landlord and the buyer consider housing as a viable and profitable option. However, considering all these situations, people are expecting something beneficial for this sector through Budget 2013. In such cases, housing can be made as a definite and profitable option.
According to an official from Jones Lang La Salle, Indian real estate industry contributes about 5 percent of the GDP and has been developing significantly over the past decades consisting of tangible transformation and quality business standards.
Perhaps the lack of effective policies and lack o regulations, the realty industry has many challenges in its way. The Budget 2013 should consider the fact that Indian realty sector generates innumerable jobs all across the country. By gaining an industry status, the sector will be able to access debt lending at better interest rates and decreased collateral values.
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