Prime Minister Narendra Modi held separate meetings with industry and economists in the last 20-25 days regarding the Budget 2020. Most of them have been given suggestions regarding the real estate sector. On Friday, when PM Modi held a meeting with several members of the Cabinet on the economy with the NITI Aayog, the real estate sector is being asked to give maximum attention to it. With this, some even went on to say that the goal of shaping the $ 5 trillion economy by the year 2024-25 would not be met without fixing the real estate situation and this situation would have to be rectified in the coming financial year itself. The main focus in the Budget 2020-21 is expected to be to overcome the slowdown of the real estate sector.
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NITI Aayog has sent its recommendation
NITI Aayog has already sent suggestions to the Ministry of Finance to revive the sector. In the meeting held in recent days on the budget at a high level between the government, there has been maximum discussion on removing 2 problems related to the real estate sector. One of them is to overcome the shortage of funds of companies. The second is to bring down the interest rates further so that the general customer will get some relief on the EMI front. Just removing these 2 problems can help return those customers who are reluctant to buy a house despite the need.
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Real Estate Sector Demand Affects 269 Industries
The government has been informed at a high level that the target of providing housing to all cannot be met by the year 2022, given the situation involved in this sector. After meeting the target of providing electricity to all the houses before the scheduled time, the government wants that the housing-related target should also be met before the time. Regarding how important the real estate sector is to the coming general budget, Niranjan Hiranandani, president of the largest organization of the sector, NAREDCO, says that it is the only sector that directly or indirectly affects the demand for 269 industries. This sector creates the most employment opportunities even when it is in good condition.
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