Recognised as a global sector, the real estate sector holds a significant spot in India's economy, which comprises of residential, commercial, retail, and hospitality. Cities in India are developing at various stages. Metro cities like Bengaluru and Gurgaon are increasingly housing IT companies and designing commercial office spaces for them. On the other hand, Tier 2 Indian cities have a newfound phase due to the Smart Cities Mission by the government.
The present Modi-led government in India is doing every bit to push the envelope for real estate with the following schemes:
The Smart City Project with a mission to build 100 smart cities, mostly comprising of Tier 2 cities.
The scheme of Housing for All by 2022 by providing affordable homes for rural and urban regions under the Pradhan Mantri Awas Yojana (PMAY).
What's next for real estate by the government in India?
Another remarkable move that the government is set to make is launching of an e-commerce platform for the real estate sector in the country. As per media reports, the launch will take place most in January 2020. With this incredible move, the government aims to make the process of buying and selling houses as transparent as possible.
While revealing further information, Mr Hardeep Singh Puri as the Housing and Urban Affairs Minister recently said at the first National RERA Conclave held in Lucknow on Monday, November 4 that the e-commerce portal would carry full details on all the real estate projects. The information would be about the construction status of the projects, completed projects, amenities offered, the size of the houses, prices, precise location, and so on.
Commenting on the same, he said, “We’ve held discussions with both Credai and Naredco, and we will soon come up with an e-commerce portal for the real estate sector, possibly around Makar Sankranti”.
The festival of Makar Sankranti will be celebrated on January 15. Soon going to be launched e-platform would be purely buyer-oriented, enabling them from any part of the world to buy property in India. With an agreement from two main associations of real estate developers in India, Naredco and Credai, the government will start the work full-fledged.
More discussions at RERA Conclave
To protect the interests of home buyers and help boost investments, the act of RERA (Real Estate Regulatory Authority) in real estate was introduced in 2016 by the government. Hence, the conclave at Lucknow was held to mark the contributions of RERA in organising the real estate sector since the year it was formed.
Mr Hardeep Singh Puri added, “This is the first national RERA conclave, and it will be held every year. All states have implemented RERA except one state. That has been challenged in the Supreme Court. Rera will be implemented in all states and union territories. It is also applicable in Jammu and Kashmir from 31 October. As many as 45,000 cases are before RERA authorities across the country and a solution acceptable to both buyers and builders have been found. There are over 12,000 cases that have been resolved in Uttar Pradesh alone and that is good progress”.
Once the e-commerce platform for the real estate sector starts the operation, the government is anticipating the buying process of houses in India to be as easy as buying goods from online stores.