Developers demands infrastructure status for realty sector

Ministry of Housing and Urban Poverty Alleviation, Government of India organised a National Symposium on Affordable Housing in July at New Delhi. Dr Girija Vyas,  Minister of Housing and Urban Poverty Alleviation was the chief guest at the event.Navin M Raheja, President, NAREDCO presented the developers perspective during the symposium. Addressing the gathering, Mr Raheja said, “For effective implementation of low-cost housing projects, it is imperative that the government ensures availability of land at subsidised rates, fast approvals, property tax relief, funding support, additional FSI, connectivity to suburbs and creation of special residential zones. For buyers, a combination of low-cost and easy credit, especially for those who are still not part of formal banking channels, is the first step for the success of affordable, low-cost housing initiatives.”Mr Raheja demanded that industry (infrastructure) status should be granted to the realty sector as this will help the sector getting government incentives, subsidies and tax benefits.Amongst other things discussed at the symposium, the delay in delivering projects by builders was also debated. The new Real Estate Bill approved by the Cabinet holds the builder responsible for all delays. However, there are no suggestions on delays by the governmental authorities in providing clearances for projects.

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