After the 71 years of independence we still find ourselves chained in various government policies. In spite the right to property being a legal right under Article 300A has not the total independence from authorities of law.

Let’s analyse in this article, that how independent is the Indian Real Estate market.

The government has made various changes in its policies to liberalize the Indian real estate policies, a few of them has been mentioned below. The changes which could be seen are not only due to change in policies but are also due to the change in technology.

  • With the help of the internet, the buyers can find the better locations and deals for purchasing property.
  • There is no doubt that even today, the housing loan policies are hard (16% interest rate on housing loan). But if we compare it with previous policies, these have been relaxed.
  • With the implementation of Real Estate Regulatory Act (RERA), the consumer has again been put into the driving seat in the market.
  • The real estate business has also opened the new employment opportunities. With the emergence of nuclear families, the income from the real estate business has gone up.

The Inception of Real Estate Regulatory Authority

After independence, there has been various government connotations for housing policies. But with the emergence  of RERA two years back, has provided teeth to rights of the consumer.

With the inception of this Act, the unscrupulous practises of market are cleaning up. The market size has grown larger and the government is coming out with new policies to make the houses more affordable.

End of Cascading Taxes (GST)

Goods and service tax has emerged as a game changer of policies. With this taxation policies, the taxation process has gotten simpler, transparent and accountable.

This amendment has brought clarity to the minds of the home buyers about the final price of home and this policy will also help the India in emerging as a developed nation.

Role of Rising Technology

The development in science and technology has given the home buyers are wide range of choice to choose their desired housing destination.

With the help of the internet, size of the market has grown globally. There are nearly 500 million internet users who open a wide range for revenue generation.

By 2022, one house for all!

The promise of the current government that there will be ‘housing for all by 2022’ seems overly ambitious. As, according to the recent reports there has been shortfall of 19mn in the urban housing.

The achievement of this dream mostly depends upon the following factors.

  • The land should made available at the affordable prices.
  • Making the mass house creation a attractive businesses for developers.
  • Offering better incentives for the home buyers.
  • Deploying infrastructure in areas where affordable houses can be build.

For now, we can still appreciate the milestone which has been covered by the government.

Conclusion

After the 71 years of independence, there is a positive development. India has emerged as powerful state and standing heads and shoulders above the other emerging countries.

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