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Indian Real Estate News
Budget 2012: Real estate needs a regulator to ensure fair play, says Prashant Solomon, Chintels India
Source: Source: The Economic Times Feb 27, 2012
From years the real estate sector has been facing problems like slowing economy, delay in decision making process, and hike in interest rates. Prashant Solomon, Joint Managing Director, Chintels India feels that this year's budget will have policies to reform the sector. The real estate is looking forward to some of the major reforms during this year.

According to hi, the real estate sector is hoping to get an industry status as it is a major driver for economic growth and generates countless jobs across its various verticals. As the second largest employer in the country contributing 5% to India's GDP, realty deserves a preferred treatment to give a further boost to the economy, he said.

This would enable it to have access to organised funds from banks and financial institutions. In addition to getting easier and cheaper finance, the industry status would bring in a much deserved discipline to the sector, especially when the government is giving priority to mass and affordable housing projects. Moreover, the growth in this sector has direct impact on the ancillary industries like steel and cement and it creates a ripple in the market and helps to push the economy.

Prashant Solomon also recommended the following:

There is a strong need to put up a real estate regulator to ensure fair play and transparency in the industry and protect the consumer interest.

The real estate sector has lots of expectations from the government. It should try and come up with reforms which are in actual benefit of the end consumer. Tax relief schemes can be one of them.

Another matter of concern is the channels one needs to follow for license clearance while developing a project. Single window clearance can bring a lot of relief in the ecosystem.

This year's budget is also expected to get some revision on the interest rates of home loans. The interest rates are expected to go cheaper to make it more affordable for the people.

Integrated townships are the way forward for the Indian developers as it helps to reduce the pressure on city infrastructure.

Tag: Real estate in india, indian residential properties
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