Realty companies hope that reforms will be offered to revive the housing sector.
The real estate sector has long demanded that the government give it the status of industry. At the same time, there is also a demand for change in the policy of realty sector companies. But the thing to see will be that after a few days, will these demands be met in the budget speech presented on February 1? Some improvements were also seen in the real estate sector through the Union Budget of 2024-25. There were other improvements including expansion of Pradhan Mantri Awas Yojana, focus on development of industrial parks and corridors, reduction in stamp duty, digitization of land records. According to the news, despite all the reforms, some important issues have been left so far, which have been demanded to fulfill, while some new demands have emerged on the basis of changing global trends last year.
Real estate sector gets industry status
The demand for realty sector is to give the status of ‘industry’ to the real estate sector. Such a unique identity will promote such policies and plans that especially meet the needs of the real estate sector. According to the news of Financial Express, these include the availability of funding at comparatively low interest rates for developers and total regulation of the area.
Single window clearance system
Builders and developers say that for a project, developers need to get several no -objection certificates/approval/permission from various central and state level authorities like NHAI, AAI, Fire Department, Pollution Control Board etc. Due to this, there are delays and obstacles in the construction of the project. By implementing the single window approval system, developers will get all the necessary permissions on an integrated platform, which can reduce the delay in the development of the project significantly.
Improvement to promote housing sector
In 2024, there was a fall in sales in the housing sector after the initial months. Apart from the rest of the reasons behind this, there is also a rising cost of property. Therefore, the developers hope that the issue will be addressed in the budget and reforms will be presented to revive the housing sector.
G.C.C. Promotion to
According to the news of Financial Express, India G.C.C. Set up is leading to being one of the most preferred places to be included, as its real estate and operational costs are competitive. Especially in Tier-II and Tier-III cities, and institutional landlords are present in the business of establishing high quality office spaces that meet the needs of multinational companies.
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