Hardeep Singh Puri the Union Housing and Urban Affairs minister said that the Central Government under the leadership of PM Narendra Modi is committed to resolving the issues that are faced by the Indian real estate sector. Puri gave this statement at while speaking at CII-CBRE Realty 2018 event held in the national capital New Delhi.
Earlier, the Housing and Urban Affairs ministry set up a committee that included several representatives from NAREDCO, CREDAI, officials of Noida, Greater Noida authority and NBCC to draw a completion plan for much delayed residential projects that were launched in Noida and Greater Noida areas.
Minister further said that they formed a high-level committee to take up the issue of residential projects in Uttar Pradesh seriously.
The Indian real estate sector is a bag full of opportunities for the private realtors despite having few challenges on which the Central Government is planning to take action in order to make the Indian property market a prosperous industry. One of the major developers said that the Indian real estate market will be a different ball game as 4-5billion $ will be invested in the market in coming few years as many realtors plans for IPO. Thus it will a great opportunity for both the institutional investors and retail investors.
In the event held by CII – Confederation of Indian Industries many real estate experts felt that affordable housing can be a game changer in the real estate sector. Another renowned developer urged that the stamp duty on apartments up to 60 Sq. meters should be waived-off as it can boost the affordable housing segment.
At times, minister Hardeep Singh Puri had stated that the Government will achieve the target of building affordable homes even before the set dateline as the work in this direction is going on at a full swing.