As the city prepares to rebuild itself in the aftermath of the worst-ever rains in a decade that led to massive destruction of property, infrastructure and other assets, CW looks at the constraints and challenges ahead.
Reserve Bank of India (RBI) has kept the key rates unchanged at his last monetary policy review meet, so there is no reason for the home buyers to cheer. This is done citing inflationary pressures, which means it will now only be on banks and loan companies to reduce the home loan rates. RBI decided to maintain status quo on policy rate at 6.5 per cent in its bimonthly policy review.
PM Narendra Modi announcement yesterday regarding scrapping of Rs 500 and Rs 1,000 notes has received all kinds of reactions from the real estate industry. While experts believe that the real estate sector is going to be most affected by the government’s decision, considering that it is one of the biggest receivers of black money, CW reports some industry reactions on the same.
In my opinion, the Budget has been outstanding. All sectors have been covered, especially the rural sector and the agricultural economy. This is a government that translates their words into action, and that to me is truly the most admirable aspect of this Budget.
We must appreciate the fact that the government is very serious on the mission of ‘Housing for All’, and in the same light we have seen some extremely positive announcements in the Budget. The real estate industry thanks the government for understanding the need to enable efficient supply of housing stock in the country.
The budget reaffirms continued focus on Infrastructure and programmes such as Smart City mission, AMRUT, NMCG, the Regional Connectivity Scheme (UDAAN) etc. as can be seen by increased outlay by 20% from the previous year. The key takeaway form this budget is the thrust on social and rural infrastructure including health, education, housing, agri-value chain and penetration of digital infrastructure.
There is absolutely no scope for correction once a developer fills his registration and hence, most of the developers waited till the end moment to ensure that all the specifics are met as per RERA. Hence, there has been an overwhelming response for RERA registration in last couple of days, says Jaxay Shah, President, CREDAI National.
The government’s push to affordable housing through various initiatives like Credit Linked Subsidy Scheme (CLSS) under PMAY, infrastructure status to affordable housing in Budget 2017, has started an affordable wave in the country, which will provide a major thrust to the Prime Minister’s dream of ‘Housing for All’ and reinvigorate growth.
The Supreme Court has stayed all construction activities in the states of Maharashtra, Uttarakhand and Madhya Pradesh and the Union Territory of Chandigarh for not having a solid waste management (SWM) policy under the Solid Waste Management Rules, 2016.