Since the policy assuring housing for all has been initiated by the Prime Minister, there has been a major drift in the functioning and policy making of the real estate sector. The Pradhan Mantri Awas Yojana has persuaded many of the developers and builders to look up to the needs of a common man. The real estate sector was much more inclined towards the luxury aspect and focusing at the high –cost housing projects. In the middle of the smart city and high-priced projects what made the real estate segment lag behind was the fulfillment of the needs of a common man who could only afford low-cost housing units. Realizing the need of a common man, the government launched the PMAY policy dedicated to the affordable housing. The aim of the policy is to provide an own house to all the families who have been aspiring for the same for a long time. The initiatives for the affordable housing units are being taken by various states as they have already introduced low-cost projects in their regions.
Not only was the common man’s demand but credibility and transparency had also been at par with the real estate sector that led to the visible crash in the market. Enactment of RERA has been introduced as one way to bring back the credibility and transparency into the sector. The lack of transparency had left many people dubious and reluctant about making investments in the real estate sector. The array of laws and policies supporting the needs of a common man has given developers the opportunity to reach out to more and more buyers and suffice their needs while giving a boost to the market. Regarding the affordable housing segment, various financial institutions have now introduced low-interest rates on the home loans and other similar benefits for the people going for their first house. The GST implementation is one such enactment that will enable buyers to know where exactly how their taxes get calculated. The simplified taxation process will let people see the whole of real estate sector as a profitable and dependable segment. States like Haryana have not just initiated with the affordable housing units but the developers like Signature Global have recently introduced RERA certified projects to make it to the pace of the current market.
The developers keen to launch affordable units have also requested the government to provide some ease in the form of reduced land prices and shared their challenges related to land availability. The authorities of all states have been working vigorously to help out the developers with their challenges. Most of the developers have realized that they will have to work in accordance with the governmental schemes and public demand so they are promptly coming up with low-cost projects to gear up the market.
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