Prime Minister Narendra Modi’s government has completed three years in power, and its reformist & progressive policies has earned several gains to the reality sector , as it has done in other facets.
The real estate sector , which was known for an unorganized, non-regularized and bemused sector is now becoming mature and professional. And all of these changes have emerged because of the imposed reforms. The new policies are applaudable.
The new policies included the Real Estate Regulation Act ( RERA), liberalized FDI rules, Real Estate Investment Trusts (REITs), besides key missions like Housing for All, Smart Cities, AMRUT (Atal Mission for Rejuvenation and Urban Transformation), and, of course, the Goods and Services Tax (GST), a landmark reform.
RERA and GST, regulates the unorganized real estate sector with neat transactions , protects consumers’ interests ,and has also provoked the confidence of investors.
Urban areas were in short of about 20 million homes, when the Modi government approach the citizens with a Housing for All by 2022 Mission, having a clean vision of an affordable, low-cost and EWS (economically weaker section) housing.
All of these reforms have introduced India as a beneficial destination among the global investors.