Real estate is the prime mover of the Indian economy and has a major role to play in the India Growth story. It is high time when it gets the required fillip and the much awaited "industry status". Union Budget 2012-2013 can be a turnaround story for the sector.
I am quite optimistic and anticipate that the Union Budget 2012-2013 will bring in reforms that will energize the entire sector.
My wish list include:
- Create national level "Real Estate Regulatory Authority" for introducing transparency.
- Enact the Model Real Estate (regulations & development) Act.
- Introduction of Single Window Clearance System
- It is necessary to continue last year's 1% interest rate subsidy that was provided for loans towards affordable housing. But the scope of this subsidy should be broadened include a wider price range of budget housing to eventually benefit the end consumer, especially in the Middle and Lower middle income group. The interest rate subsidy should be increased to loans up to Rs. 50 lakhs and income tax exemption to be increased to Rs. 3lakhs.
- Lower interest regime by reducing
- Standard Operating Procedures for funding in Real Estate.