Magazine : 
Government Rely on Real Estates to Revive the Economy
Real estate is one of the most crucial sectors of the economy, the government is focusing on infrastructure investment as it aids in reviving the economy says Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs.
At the FICCI 14th Annual FICCI Real Estate Summit, Durga Shanker states, “The focus and reforms in the real estate sector in the past six years have been unparalleled; be it about ease of doing business or the Real Estate (Regulation and Development) Act, (RERA).”
Furthermore, he has also highlighted that the real estate sector would have a crucial role to play in the revival of the economy post the pandemic. This could hold true for employment generation, contribution in the GDP, or the direct multi-sectoral link.
Durga Shanker has also stated that the government should focus on creating demands in the housing sector. He says, “We should find innovative solutions considering the altering demands in the Real Estate sector."
Raj Menda, Joint Chair, FICCI Real Estate Committee and Corporate Chairman, RMZ Corp, says, “As the economy moves towards normalcy, sentiments of the real estate sector should also improve. Although, stakeholders’ sentiment towards the future has shown improvement as compared to the previous quarter.” He also urged the government for its support in allowing GST to be set off from the rents.
Durga Shanker also briefed on the latest technologies that have been inducted. Durga Shanker says for the first time with the global housing Technologies challenge, about 54 types of new technologies have been introduced into the sector. Lately, over 50 percent of cities across India have an IT-based solution for construction permits. Additionally, we have made a new curriculum to encourage people to adopt the latest technology.
Irfan Razack, Co-Chair, FICCI Real Estate Committee and CMD, Prestige Group, states, “There is a huge demand for a range of housing; unfortunately, housing is taxed almost at three times.” He further says that the government’s focus should be on creating demand in the housing sector.
The pandemic has witnessed massive withdrawal. Thus, an affordable rental housing complex has been introduced for the first time. “FICCI will have to play an important role in affordable rental housing complex planning, especially social rental housing,” Mishra further adds.
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