India Aims for Developed Real Estate Sector by 2047 for Sustainable Urbanization
Housing Ministry hands over conveyance deeds to 20 Delhi residents in Raja Vihar & Suraj Park, under PM-UDAY scheme, benefiting 40 lakh residents by regularizing illicit settlements.
The housing ministry intends to introduce a real estate regulator to curb sector illegalities. The bill, aimed at safeguarding buyers, defines carpet area and mandates project registration.
The housing ministry has suggested implementing a single-window clearance system to expedite project approvals. This move aims to reduce property prices by lowering builders' preservation costs.
Union government may confer infrastructure status to housing sector in upcoming budget, aiming to provide affordable homes and boost supply.
The Housing Ministry proposes tax breaks, price caps, and interest rate freezes for first-time homebuyers. It also suggests debt-restructuring for realtors and encourages housing for low and middle income groups.
The housing ministry enforces strict EWS quotas, warning developers of heavy fines for non-compliance and urging financial assistance for low-income families in home purchases.