Sunday, 2 November 2014

Weeding out black money from real estate

Slew of Reforms Needed


State governments have responded by reducing ready reckoner rates to almost the same level as market value but that alone hasn't been enough. If the government is serious about achieving its stated goal of housing for all by 2022, then it will have to make a few systemic changes. One, incentivize first-time buyers.

Two, make the process of getting approvals transparent. Make the process automated. Cut off all political discretions when it comes to granting approvals or buying land.



The Real Estate Regulation Bill is a first step towards that. But in its current form, there are some loosely defined terms in the draft and oversights which can be misused. For instance, approval authorities are not brought under the purview of the Bill. Most delays of housing projects happen because of delayed approvals.

India has a shortfall of 18.7 million homes — over 95% of this is in the economically weaker section. Only 1.4% of that demand is being met. If we want India's Real Estate sector to blossom again, this menace of black money needs to be weeded out. 

Source: The Economic Times


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