Top Real Estate Challenges: Urgent Issues the New Government Must Address
The NDA government can consider and take decisive steps to support and improve the real estate sector within its first 100 days' agenda.
Real EstateNda GovernmentReraGstUrban PlanningDelhiIndian EconomyReal EstateJul 02, 2024
To support and improve the real estate sector, the government can take decisive steps within its first 100 days' agenda. Stricter enforcement of RERA, moderating GST on under-construction units, streamlining project approvals through a single-window clearance system, increasing income tax exemption limits on home loan repayments and interest, and improved urban planning are some of the key areas that require attention.
In Delhi, the real estate market is dynamic and complex, driven by high demand for housing and commercial properties. However, challenges such as limited land, infrastructure, and a complex regulatory environment hinder development. The government can address these issues by implementing the Land Pooling Policy, enhancing air quality and green cover with the Green Development Area Policy, streamlining freehold conversion approval in prime areas, and rationalizing circle rates.
By addressing these issues, the government can promote sustainable development, enhance transparency, and support the real estate market's growth. As a GDP accelerator, continued momentum in real estate is crucial for India's goal of becoming a $7-trillion economy by 2030.
Sotheby's International Realty is a global real estate brand with a presence in over 70 countries. In India, Sotheby's International Realty is represented by India Sotheby's International Realty, a leading luxury real estate services provider.
Frequently Asked Questions
What is RERA?
RERA stands for Real Estate (Regulation and Development) Act, which was introduced in 2016 to regulate the real estate sector in India.
How does GST affect the real estate sector?
GST, or Goods and Services Tax, adds to the extra costs of real estate transactions, making affordable home projects difficult for the private sector.
What is the Land Pooling Policy?
The Land Pooling Policy is a government initiative to develop land in Delhi by pooling land from private landowners and transferring the ownership to the government.
Why is urban planning necessary for sustainable development?
Urban planning is essential to manage urban growth effectively, prevent unauthorized construction, and ensure climate-resilient development.
How can the government support the real estate market's growth?
The government can support the real estate market's growth by addressing the pressing issues in the sector, promoting transparency, and implementing policies that benefit the industry.
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