Real Estate Sector Is Likely To Get Industry Status

Bangalore: As a part of the reform agenda, the government is all set to give real estate sector an industry status after a long wait. With this government’s measure, the sector can access cheaper funds from banks, reports Anuradha Shukla of Business Today.

"There was a long pending demand from the developers to accord industry status to the real estate sector which is one of the key sectors in terms of development. Now the government is planning to give industry status to real estate sector and infrastructure sector," said a senior official from the ministry of urban development, reports Mail Today.

According to the official, the proposal of giving real estate sector an industry status has already been submitted to the finance ministry.

"The government has formed a committee comprising representatives from ministry of urban development, ministry of finance and ministry of housing and poverty alleviation. The panel will submit its report to the cabinet before the forthcoming winter session of the Parliament," added the official.

Over the past four 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.

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