Modi govt planning big move for real estate sector? Nirmala Sitharaman gives this crucial clue
PM Narendra Modi is known for taking bold, and tough and growth-related decisions. Now, it seems his government is all geared up to give a major boost to the real estate sector.
PM Narendra Modi is known for taking bold, and tough and growth-related decisions. Now, it seems his government is all geared up to give a major boost to the real estate sector. Union Finance Minister Nirmala Sitharaman, while speaking during the 25th anniversary of National Stock Exchange of India (NSE) celebrations in Mumbai, hinted at a big boost to the realty sector. Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector, as per a report by IANS.
Addressing issues will benefit industries
She said that real estate has a spillover effect on many sectors, hence addressing its issues will benefit industries such as cement and steel, which are the major suppliers. "The government is working together with the RBI to see how best we can tweak the existing norms wherever necessary to help the realty sector," she said at an NSE event. Since August, the government has been taking various steps to revive the market and consumption demand, the minister said.
Recently, the government cut the corporate tax rate to 22 per cent, which involved an outgo of Rs 1.45 lakh crore.
Relief coming for homebuyers?
"There are many alternative funds which are now approaching us, saying we would like to do something with you as long as some supporting mechanism is available for reviving the realty sector," she said. The Finance Minister said that homebuyers are looking up to the government to help complete the stalled projects through policy decisions.
In September, Sitharaman had announced the creation of a Rs 20,000 crore special fund to provide financing to the stalled affordable and middle-income housing projects in the country.
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