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Congratulations to all friends and wellwishers of Congress. We have done even better than what anybdy had expected. Posted Date-5/16/2009 ||

Reviving Real Estate Industry

posted by Brij Mohan Goel on 4/26/2009 3:44:07 PM

Today the economy and particularly Real estate sector is bleeding and requires urgent attention and steps to revive it. The sector not only provides employment to crores of people directly and indirectly, be it white collared management employees, construction contractors and workers, architects, interiors, brokers, banks etc.

The sector serves the nation by improving the housing need which the government alone cannot provide. For investors and particularly elderly and retired people, it acts as a source of livelihood by way of rental income.

Most new townships also have schools, hospitals, colleges, recreation centre, old age home, shopping malls etc which improves the life style of the society. New projects also helps in development of external infrastructure. The percentage of Indians livings in self owned houses is still very low.

The government should come out with a special relief package for the industry.

Financial Loans should be available easily and at much lower rate of interest which are prevalent today.

Where land is being offered by government by way of auctions for residential, educational, commercial, institutional projects etc. the interest cost on the land be subsidised to a level of 2 percent per annum maximum provided the development happens in a time bound period. And this could be recovered with much more revenue from the developed units e.g. stamp duty on completed units, taxes on various materials, vat, excises, service tax on various services etc.

Single window clearances with an option of picking preapproved map formats at the time of auction of land itself. This would not only save time but would also curtail red-tapism and corruption. Also banks would be more comfortable to fund the individual investors.

Development of external infrastructure should be carried out speedily and simultaneously with the development of the project.

These steps would boost not just the reality sector, but would have cascading positive impact on various industries, increase employment, serve the housing need and improve life style of the society.