WILL THE GOVERNMENT’S RELIEF PACKAGE BOOST REAL ESTATE IN INDIA

The plunging property rates and lowering of interest rates has not brought in more buyers to the real estate market. The unsold stock and taxation issues have resulting in a large inventory. The government had announced last month that it would provide a much-needed impetus to the struggling real estate market by offering relief measures. The package offered was Rs 20,000 Crores to rescue pending housing projects. In the fund, ₹10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors.Home buyers saw this as a positive sign as many of them can now get delivery of their homes. This relief package was offered to the ailing real estate industry as a way to boost it back to the path of revival. Currently there are estimated to be over 8lakh housing units in various stages of construction that are stuck across India’s prime markets. This funding for non-NPA and Non-NCLT projects would not only arrest the rise of NPA’s but also reduce the NCLT & RERA complaints overall. This might help restore some of the customer confidence. But most of [the real estate developers are not very happy as they feel the relief is too little with too many conditions. Visit: https://blog.pinclick.com/will-the-governments-relief-package-boost-real-estate-sector/