Narendra Modi Promises Housing For Every Indian By 2022

The recent change in governance has brought forward some innovative and new schemes. Housing sector is not behind the scene here. The growth in the real-estate sector is directly proportional to economic growth and forms 0.7% of Gross Domestic Product. The recent announcement of enabling every Indian to have a house by the time the nation celebrates its seventy-fifth anniversary in 2022 brings good news for builders and buyers. Confederation of Real Estate Developers' Associations of India that is spread over one hundred fifty cities across twenty-two states has suggested some ways to achieve the target of low-cost housing projects.

Asking for relaxations

One of the major suggestions in this area is to remove some terms to enhance the speed of projects. CREDAI suggests removing the minimum requirement of fifty thousand square meters and five million dollar for Foreign Direct Investment. Apart from it housing investment worth Indian Rupees fifty thousand billion is stuck in environmental sanctions. The board wants some relaxation in the norms. Housings have to bear a tax bracket of 35% and putting it in Special Economic Zone will help in building like Projects On Yamuna Expressway high-quality but low-cost housing projects.

Encouraging buying across classes

The entire process of building homes for every household is a work of coordination between government bodies at different levels and regulatory authority overseeing real estate. The change will come with the help of certain policy changes. The interest cap for borrowing in housing projects is high, and a reduction in rates can help people to buy homes in Residential Projects in Greater Noida. To facilitate the same the rates for lower income group can be slashed to encourage borrowing options.

Introduction to smart cities

Another advancement is the introduction of hundred smart cities all over the nation. In this stage forty-five cities with a population of four million people or more are applicable; the list includes seventeen state capitals and ten cities with religious significance. The cities will have advanced communication and amenities like water and light round the clock. When you club it with the housing for all propaganda, real estate will have some positive boost in these cities. With enhanced facilities and economical housing option, there is a lot of potentials to explore.

I have written many articles on real estate and property investment.