Future of Real Estate – Real Estate sector saw the major downs during this corona virus pandemic. To ensure that these downs result in ups, Government of India came up with Aatmanirbhar Package 3.0 which will interest the first time home seekers. The package is looked upon in positive light as measures to boost infrastructure and construction projects are enlisted by the government. Aatmanirbhar package is working as a nudge to the floundering economy.
Meanwhile, Managing Director of Goel Ganga Developments, Annuj Goel who is one the renowned Pune based real estate developer showed gratitude towards government for bringing the reform in real estate sector. Mr. Annuj Goel believes that these measures will uplift the real estate sector and marked that, “The package will encourage new age home buyers and real estate developers as major Income Tax reliefs are sanctioned by the package. Moreover, additional infrastructural debt financing support of Rs 6000 crore will fascinate more and more investors to invest in real estate development. The step will again help in ensuring the infrastructural development of the country and will make it move a forward towards ‘Self Reliant’ India.
Present State of Real Estate Sector – Future of Real Estate
Post corona virus induced lockdown, the real estate sector has shown major recovery. The trend line also reveals that residential segment is positive as the banks have sanctioned new home loans. Private sector banks have shown good numbers of new home loans sanctioned. In big metro cities like Pune the growth is more rapid and ready to move flats have shown more visible demand.
Aatmanirbhar Package- A Boon for First Time Home Seekers – Future of Real Estate
The safe harbor of five percent on the real estate transaction valuation, as per the circular rate of a state, was raised to 10 percent in the Finance Act of 2020. Under the Atma Nirbhar Bharat initiative, this leeway was substantially increased to 20%, giving home buyers with great relief. On the contrary, it will lead to demand pick-up by helping in clearing the unsold inventory for the real estate developers. Though this facility is for the primary selling of Rs. 2 crore residential apartments, the dispensation is sufficiently good to cover most of the inventory not sold in Delhi and NCR region, Pune, Chennai, Bengaluru, Navi Mumbai etc.
Future announcements expected from Government
Under the Stress Fund for the real estate sector, around Rs. 13,200 crore has been approved for sanction. As per government data, this amount will qualify for 135 stalled projects, helping to complete 87,000 stalled residential flats. The steps are big morale booster for the real estate sector and home buyers.
Insight into PM Awaas Yojana
This project is a big success story for lower-income groups and smaller ticket-sized units. Extensively, the announcement of extensive Rs18,000 crore, over and above the Rs 8,000 crore budget outlay, will speed up affordable housing projects. Job generation in construction will get a boost in the bargain, while major beneficiaries would be sectors like steel and cement.
