Durga Shanker Mishra, Secretary in the Ministry of Housing and Urban Affairs, said the real estate sector is one of the most important sectors of the economy and the Government is keen on infrastructure investment as it helps in the revival of the economy.
Addressing a special session at the 14th Annual Ficci Real Estate Summit on September 17, Mishra, said, “The focus and reforms in real estate sector in past six years have been unparalleled; be it about ease-of-doing-business or the Real Estate (Regulation and Development) Act, (RERA).” He also highlighted that the real estate sector will have a crucial role to play in the revival of the economy post the pandemic; be it in terms of employment generation; contribution in the GDP or the direct multi-sectoral link.
He further said that the Government’s focus should be on kickstarting and creating demand in the housing sector. “We should find innovative solutions considering the altering demands in the real estate sector,” he said.
Mishra also elaborated on the new technologies that have been inducted. “For the first time, with the global housing technology challenge, 54 types of new technologies were introduced into the sector. Today, in more than half of the cities across India, there is an IT-based solution for construction permits. Also, we have made a new curriculum to make people technology sensitive,” he added.
Raj Menda, Joint Chair, Ficci Real Estate Committee and Corporate Chairman, RMZ Corp, said, “As the economy moves towards normalcy, sentiments of the real estate sector should also improve. He also urged the Government for its support in allowing GST to be set off from the rents.
Irfan Razack, Co-Chair, Ficci Real Estate Committee and CMD, Prestige Group, said, “There is a huge demand for a range of housing; unfortunately, housing is taxed almost at three times.” He said the Government’s focus should be on kickstarting and creating demand in housing sector.