MUMBAI, 02 JANUARY 2017: The Prime Minister addressed the nation on the evening of 31 December 2016. While the communication was largely about demonetization, among other topics, the Prime Minister also focused on affordable housing for the LIG and EWS (low income group and economically weaker section) segments of home seekers. This focus on housing is in keeping with the initiatives like ‘100 Smart Cities’ as also ‘Housing for All by 2022’, and I view his announcements on 31 December as being a curtain raiser, which, going into 2017, should enhance focus on housing, with emphasis on ‘affordable housing’.
RERA and GST as also the efforts to root out Benami Real Estate will help bring in transparency and a proper way of working in Indian real estate, going into 2017. The importance being given to infrastructure points to setting up the foundations of affordable housing projects in peripheral areas of existing Metro as also Tier 1 and 2 cities, extending up to rural areas. I particularly appreciate the mention about inclusion of loans of 9 and 12 lakhs under the PMAY scheme. This will boost demand for homes under the affordable housing in urban areas, effectively providing a much needed push to the housing segment in real estate.
I hope the upcoming Budget proposals as also similar announcements by the Prime Minister will include measures that will boost housing in days to come. His efforts at fighting corruption and the parallel economy will be a positive for the Indian economy, and will help the growth of the housing sector.
~ Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.