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Indian Real Estate News : Ahmedabad
CREDAI, NAREDCO’s wish list for Modi govt
Source: The Times of India May 26, 2014
With Narendra Modi swearing-in as the Prime Minister of India today, NAREDCO and CREDAI, the national level real estate key bodies representing all stakeholders shared their wish list. This includes:

Single window clearance system

An online, clearance mechanism with 30-days time limit fixed to grant approvals from environment, aviation and all other ministries involved in licensing the project.

Cheaper finance for developers

FDI (Foreign Direct Investment), ECB (External Commercial Borrowing), REIT (Real Estate Investment Trust) and mutual funds need to be rationalised to avoid the money crunches in the sector. These are funds which provide loans to developers at low interest rates. This will also bring down the initial cost of a project.

Balanced real estate regulator

The sector requires a balanced regulator who can maintain equilibrium amongst the builders, brokers and consumers. Such a regulator is expected to make the system accountable. It has to work as an arbitrator to attend the stakeholder’s grievances and redressals.

Industry status

At present, 250 industries, directly or indirectly, are dependent upon the real estate sector. Getting the industry status for the sector will help in attracting investments from large companies. This will also induce the corporate culture and discipline that will benefit the economy and the consumers in particular.

Incentives for developers, buyers

Repealing of the Section 80-IB (10) Income Tax Act will provide tangible benefits to the private sector to construct smaller housing units. This way, housing in India will remain affordable for the masses. Exemption of rental income from the income tax will also incentivise investors to invest in rental housing.

With expectations soaring high, the real estate sector is pinning its hope in the new government to bring back its lost sheen. It is a matter of wait-and-watch to see how the policy reformation will change the sentiments of the industry stakeholders.

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