Indian Real Estate sector has begun to show signs of improvement with the total FDI of USD 257 million in the first half of 2017, which is more than double the total FDI in 2016 full year, says the Economic Survey presented to both houses of Parliament during the Budget Session on Monday.
Other highlights of the survey are:
Pradhan Mantri Awas Yojana
Some of the recent reforms and policies taken by the Government of India related to real estate sector include the Pradhan Mantri Awas Yojana (PMAY) with the government sanctioning over 3.1 million houses for the affordable housing segment in urban regions till November 2017. Of this, about 1.6 million houses have been grounded and are at various stages of construction, and about 0.4 million houses have been built under the mission.
PPP policy for affordable housing
PPP policy for affordable housing was also announced on 21st September 2017 for affordable housing segment to provide further impetus to the ambitious ‘Housing for all by 2022’ mission.
Economic Survey 2018: Catch all the updates live on Moneycontrol blog here.
Credit-linked subsidy scheme (CLSS)
Credit Linked Subsidy Scheme (CLSS) under PMAY was extended to the Middle Income Group (MIG) segment, which got included in the scheme from 1st January 2017.
With the enactment of Real Estate (Regulation & Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency.
The Economic Survey is an annual publication of the Finance Ministry and is presented to both houses of Parliament during the Budget Session. It is a review of the developments in the country’s economy over the previous one year. It presents a summary of the performance of the government’s major development programmes undertaken during that period. It also details the main policy initiatives of the government.