Union finance minister P Chidambaram may soon announce a set of measures to give a boost to the country's real estate sector which is hit by the high cost of finance and low availability of housing stock. Real estate players, however, feel the thinking underlying any such move by the government should go beyond offering fiscal concessions and address the other issues that have a role in jacking up the costs of homes. The government is in the process of formulating a reforms package for the real estate sector which may consist mainly of financial sops such as reduction of lending rates by banks or relaxation of norms for classification of their real estate exposure. Observers say these fiscal efforts may be inadequate to solve the entire gamut of problems confronting the realty sector. Sanjay Dutt, executive managing director, South Asia, at the real estate research firm Cushman & Wakefield told TOI that though the government is propagating active participation from the private sector in tiding over housing shortage, it is reluctant to provide suitable conditions for such development. "The recent policy allowing external commercial borrowing for mass housing projects is a positive sign, but more would have to be done such as greater availability of land, tax incentives for the economically weaker sections (EWS) and the low-income groups (LIG), low land cost through higher floor space index and short approval process can go a long way in easing pressure on prices," he said. Also important would be measures such as removal of customs duty pre-fab manufacturing plants and such technologies, Dutt added. The current estimated shortage of 18.78 million urban houses as reported by the ministry of housing and urban poverty alleviation shows that nearly 25% of urban Indian households are without proper homes, he said. "That almost all these households belong to people in the EWS and LIG is hardly surprising. This is an indication of the times to come, when unauthorised housing and poor living conditions in the urban areas will only grow, unless some drastic measures are taken to address the issue. The government efforts have not been enough to curtail the housing problem, while the private sector does not have the bandwidth to provide housing for EWS or LIG section within the city limits owing to high input costs," Dutt said. Rohit Gera, director, Gera Developments, said, "A reduction in the high interest rates for home owners will come as a boost for the citizen who is reeling under high inflation - many home buyers have as much as 50% of their income going towards EMIs for home loans. The relaxation in the provisioning norms for real estate loans will also lead to a marginal reduction in the cost of borrowing for developers." Gera said the other area that adds tremendously to the overall cost is the inordinate time it takes to obtain sanctions for commencement of any construction project. This can range from six months for a small project to over two years for a project requiring environmental impact assessment approvals, he said, adding that during this time the project continues to incur costs that get loaded onto the final home buyer. The two foremost things, therefore, that can be done to reduce the costs for future home buyers will be to address these two issues squarely, he added.
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...