In recent years, Indian real estate has undergone significant upheaval. Indian Real Estate eventually succeeded in achieving what was believed to be impossible. The most important factor in achieving these objectives was the Indian Government. The Government has introduced numerous new policies. In this article, we will understand these policies in detail.
Make in India Campaign - Make in India Campaign was introduced by the Indian government on September 25th, 2014, to encourage business development and foreign investment in India. For the industry to expand, there must be access to modern, efficient infrastructure. To provide infrastructure based on cutting-edge technology with high-speed communication and integrated logistical arrangements, the government plans to construct industrial corridors and smart cities. The upgrading of infrastructure in industrial clusters is intended to reinforce existing infrastructure. The infrastructure of the Intellectual Property Rights registration setup has been improved in response to the fact that innovation and research activities are supported by a quick registration process. It is necessary to determine the capabilities that the industry needs, and then to develop the workforce to those needs.
Pradhan Mantri Awas Yojna - On June 25, 2015, the Ministry of Housing and Urban Affairs (MoHUA) introduced the PMAY program. It is a program to offer affordable housing for everyone, with a focus on the lower-income and economically weaker sections and the lower weaker and middle-income groups. It provides the basic need of a constant source of shelter, water, sanitization, and electricity.
Real Estate Regulatory Act (RERA) - RERA is an Act that was introduced in 2016 and all of its sections went into effect on May 1, 2017. Transparency, reviving buyer's confidence, and generating momentum in the real estate market are the primary goals of this Act. It oversees and advances the real estate industry, guaranteeing that each project's sale is conducted effectively and transparently. Additionally, it defends consumer interests in the real estate market.
REITs - It was initially launched in the USA in the 1960s to encourage real estate development by current investments from investors who were looking to gain exposure in the real estate market. In terms of the Indian market, the Securities and Exchange Board of India (SEBI) first introduced REITs here in 2007. Currently, SEBI, the Securities and Exchange Board of India, regulates REIT businesses that are listed on Indian stock exchanges and continually monitors them.
Interest Subsidy for first-time homebuyers - It was anticipated that the Indian Prime Minister's plan would provide the generally lethargic real estate sector a boost. If you are also a first-time home-buyer read this E-Book for a better investment. In 2022, the subsidy on home loans was introduced. You may receive up to 6.5% in subsidy interest and up to 2.67 lakh in subsidies under this. The Carpet Area must be 260 sqm. in size to qualify for the house loan subsidy. Owners of Pucca Homes are not eligible for the home loan subsidy.
These policies help investors to invest in Real Estate without any worries. The transparency bought by these policies lets investors trust in the sector and they can come to a better conclusion before investing. Our team's extensive research and dedication help you understand every aspect of real estate.
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