Union Minister for Coal and Mines G. Kishan Reddy, on Sunday, said that reducing GST slabs as announced by Prime Minister Narendra Modi during his Independence Day speech is sure to put more money in the hands of people. This, in turn, should help in buying a house, which is a long-felt emotional need for many people, he said.
The Modi Government policies in the last 11 years has not only helped the middle class fulfil their dream of owning a house, but also fuelled the growth of the real estate industry, he maintained while addressing the Confederation of Real Estate Developers Association of India, Hyderabad chapter (CREDAI) on the second day of property show here.
With the Reserve Bank of India (RBI) keeping interest rates low, housing loans have become affordable and monthly instalments within the income range. So, more citizens are likely to opt for buying a new home and expand the real estate market, he said.
The Centre’s “Ease of Living” policy to improve the basic civic amenities in the urban areas has also aided in giving a boost to the industry. The Minister said that 20% population have been lifted out of poverty during the NDA regime, and he expressed the hope that as they move up the income ladder, the demand for housing will only rise.
The Centre has been carefully balancing the need for policy changes to give a filip to the industry and also protect the rights of the home buyers by bringing about the Real Estate Regulation Act (RERA) to bring transparency and accountability to the processes, he said.
Mr. Reddy also expressed satisfaction over the Telangana Government forming the Real Estate Apellate Tribunal finally last year and noted that 10,000 projects as well as 4,000 agents have been registered with RERA-TG. CREDAI-Hyderabad president N. Jaideep Reddy, president-elect B. Jagannath Rao, and general secretary K. Kranti Kiran Reddy, were also present, said a press release.
