photo credit: Carol Mitchell
Real estate experts have laid down a detailed plan on how to boost the availability of affordable new homes for sale in India.
The Confederation of Real Estate Developers’ Association of India (Credai) said a united scheme addressing the issue across the country is needed to ensure projects are successful.
India is currently seeing a slump in property transactions, but is expected to see a new boom due to an ongoing shortage of new homes.
Credai has examined the government’s approach to Special Residential Zones (SRZs), which have involved new housing projects in isolated areas.
The association said development has been too fragmented, and better planning would be needed if the country were to take full economic advantage of a new property boom.
In a report on the issue, Kiumar Gera, Credai chairman, said:
“The key reason behind their [SRZs] limited success was that they were designed as individual schemes.“This further reiterates the case for a uniform geographical region governed by a fiscal authority created specifically to pre-empt the very same situation experienced in the above-mentioned schemes.”
He said the government must develop a co-ordinated plan to build affordable property, saying housing holds the key to the pace of India’s development.
He added:
“Investment in housing like any other industry has a multiplier effect on income and employment.”
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