Reserve Bank of India’s Governor Urjit Patel has recently initiated a single window mechanism for clearance of affordable housing projects as many are facing challenges related to their each state. He says that the affordable housing projects will have a strong impact on the economic growth and it needs much more attention. The Affordable housing sector is booming at a great extent due to the government push.
There is an out-and-out recovery in the real estate sector because of the advent of legal reforms. The progressive policy approach by the government is letting the buyers regain trust for this sector. Amidst unregulated, unorganized and disoriented course of events, investments in land and property were high-risked. There used to be no relief for the dubious investors and home buyers. The recent set of events following enactment of acts like RERA is positioning the sector as an assured and attractive global investment destination. The RERA is turning up as a benefited for both the buyers and developers. The government initiatives like the “Pradhan Mantri Awas Yojna” has brought a hope for masses that are still deprived of own homes. Earlier, the real estate sector was confined to the affluent section of society. Due to the high prices of projects, the business in the real estate was too expensive and stressful for the majority. The recent laws will prompt the developers to complete their projects on time.
“Last few years have been a good start for the affordable housing projects, advent of transparency through regulations is going to ease larger proportion of people. There are states that have been facing challenges while executing the affordable housing projects. Thus, different state authorities come up with different plans and solution for these challenges. One single platform can direct orders and deadlines so that the developers of each state get solutions before time that would help in the execution of affordable housing projects. Low-cost projects along with the recent enactments would benefit the market and introduce new and serious investors. The execution of such benefiting policies has already commenced and hopefully, there are some more lined up for the right time” says Pradeep Aggarwal, Chairman, Signature Global.
Even the developers are in line with the idea of changing their business patterns according to the trending environment. Most of the developers strongly believe the fact that these changes would help in strengthening the sector.More details: Affordable Housing In Gurgaon - Signature Global