A home for all?

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The Real Estate (R and D) Act and RERA can write a new chapter in Indian real estate sector.

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A home for all?


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Affordable housing has been given infrastructure status as per the budget announcement. This will not only give a boost to the sector, but is also evidence of the government’s commitment to the welfare of the common man. The allocation for the Pradhan Mantri Awas Yojana (PMAY) has been enhanced to Rs. 23,000 crore. This will further give a boost to this sector. The timing of the move looks perfect at a time when banks are flush with adequate funds, which will enable them to provide loans to housing sector at cheaper rates. Real estate sector of our economy is the second largest employer after agriculture and makes a contribution of about 9% to the GDP. In India, construction is considered a part of manufacturing sector. The Real Estate (Regulation and Development) Acts makes it mandatory for projects of 500 sq mts above or eight apartments and above to be registered  with the Real Estate Regulatory Authority (RERA) and deposit 70% of the realised amount from the project to be deposited in escrow account. [See the Act on Bodhi Resources downloads page]

 The law ensures transparency and timely execution of projects, provides protection to consumers, encourages fair play and controls black money and speculative investment, which have been the main problems with this sector. The move to provide infrastructure status will not only open up new avenues for the developers but also enable lenders to look positively towards the sector, which has so far been considered risky. The measures like providing  deductions of profit and gains on housing projects under the IT Act and further liberalising concessions provided in the last budget and removal of tax on unsold stock for one year will further help in giving a boost to the sector. National Housing Bank (NHB) has been mandated to refinance individual housing loans to the extent of Rs. 20,000 crore in 2017-18. External commercial borrowings have been made more attractive to ensure flow of investments to housing sector. All these measures would see a rebound of the housing sector, benefitting both the developers and consumers. Read a Bodhi on "Half Time for Modi government".



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Bodhi Booster: A home for all?
A home for all?
The Real Estate (R and D) Act and RERA can write a new chapter in Indian real estate sector.
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