New Delhi: The real estate sector is one of the strongest hit by the ongoing economic slowdown in the country. The bearish price is that the buyers of the made flats are not getting it. The government has decided to salvage the Isir sector from the crisis. Finance Minister Sitharaman has made a number of big announcements on this.
Sitharaman said he is going to make several announcements in two more phases to salvage the sectors that are in a recession. The real estate sector is being named at the top of these sectors.
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According to sources, the package could be announced for home buyers and real estate developers by the end of this week. The real estate industry has been in a slump for the past four years. The industry is now demanding regulatory and tax changes to boost demand and liquidity from the government.
More recently, Nirmala Sitharaman and Urban Development Minister Hardeep Puri have held a meeting with senior officials of the housing industry with representatives of the industry to discuss the current state of the industry.
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After which it is believed that the central government is preparing to offer a package to ease the slowdown from the real estate sector and boost exports. According to senior government officials, the steps taken by the government include the setting up of a task force to identify and resume stalled projects, simplify interest norms, a new rental housing policy, raise the limit for affordable housing category and for housing. Partial guarantee plans may include steps such as reducing the time taken in the application process.
With this policy of UP government, 20 thousand jobs will be created in the state