With several initiatives taken up by Government, real estate sector is looking up, said Rajiv Parikh, President of CREDAI Maharashtra. He highligted several positive developments over the past few years in the real estate sector. Nagpur’s real estate sector is witnessing a boom due to various development activities like establishment of IIT, AIIMS, IIM, NIPER, IIIT.
It is taking a shape of an educational hub. The city has also become a medical hub of Central India due to mushrooming of numerous multispecialty hospitals. Along with this, Government has introduced Pradhan Mantri Awas Yojna (PMAY), granting of infrastructure status to affordable housing, 100 per cent tax exemption on affordable housing and implementation of Real Estate Regulatory Authority (RERA) and Goods and Services Tax (GST). All these factors have given boost to real estate sector. Parikh was speaking at a press conference organised by CREDAI Nagpur Metro on Thursday.
With the reduction in rates of under construction buildings to 5 per cent from earlier 12 per cent and for affordable housing to 1 per cent from 8 per cent, the demand for under construction units has gone up. “With the new GST rates, Government has given relaxation to prospective buyers. In this quarter, the sales of housing units have surged by 15 per cent,” he pointed out. Both GST and RERA managed to bring about a change in the sector and helped the buyers.
After introduction of RERA, only professional builders are working and this has given big relief to buyers, he said. CREDAI Maharashtra has given important inputs to Government at State and national level in formulating new policy for real estate sector. State Government is formulating an ‘Unified Development Control Rules’ which will provide similar construction norms for all cities in Maharashtra except Mumbai. Only the side margins, parking space and FSI norms would be different for smaller cities and towns. This online system would help builders and architects in sanctioning buildings plans in transparent manner. Another landmark policy is being formulated the by the Government called the ‘Titling Officers Bill’ which is a single clearance window for land records.
The Title Officer would be appointed who will authenticate land records. “This system will benefit land buyers in getting clear title plots throughout the State in transparent manner. Other than this, satellite survey is being proposed for all land holdings in the State,” he said. Parikh said that Maharashtra has more than 15,000 projects under RERA registration which is highest in the country. CREDAI Maharashta has been at the forefront in providing inputs on policy matters to State and Central Governments.