Government's Effort May Take Realty Sector to New Heights

Bangalore: This New Year, developers are hoping for an optimistic future for real estate segment with the government’s plan to give realty sector an industry status and favourable policies, after a long wait, reports Nisha Swami of TNN.

Over the years, the real estate sector was waiting to get industry status. However, there was an increase in demand for the industry status because of the growing demand with increasing property prices, limited funds and less transparency.

The government had instigated certain policies in favour of real estate industry at the end of 2012, and this current year will witness many of such favourable government policies being implemented.  

Several market experts believe that this New Year will bring changes that will help real estate industry to revive.

Sukhraj Nahar, CMD, Nahar Group stated that, "The real estate industry is currently passing through a transformation. All of its participants have made serious efforts to bring transparency in 2012. Going forward, we feel this will help both industry players and stakeholders. The industry is still unorganized and its efforts with the government for awarding them industry status are in progress," reports ET.

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