Affordable Housing for all by 2022

Big image

Affordable Housing for all by 2022 will boost the Indian Real Estate Sector

Though the Union Budget 2015-16 doesn’t bring many fireworks to the Indian real estate sector, the announcements made by Finance Minister Arun Jaitley for infrastructure development and ‘housing for all by 2022’ bring some cheer to the real estate companies hoping to gain from the positive market sentiments.

Finance Minister Arun Jaitley while presenting his government’s first full vision economic document since it came to power in 2014, reaffirms that the government is committed to provide affordable housing to each family in India by 2022. He proposed a grand infrastructure plan to build two crore houses in rural and four crore houses in urban India by the year 2022; the plan which will be led by the state governments and guided by the Centre. While presenting the budget for 2015-16, Finance Minister Arun Jaitley also said that his government is willing to provide 24-hour power supply, clean drinking water, proper sanitation facilities and well-connected cities and towns through roads to every citizen of the country.

Though the finance minister doesn’t give clarity over how the proposals are going to be implemented and what is the government’s plan of action, his inclination towards infrastructure development while presenting the budget speech gives a much-needed positive boost to the Indian real estate sector.

The government has allotted Rupees 70,000 crore for infrastructure development that will boost the construction of highways, fly-overs and roads in the country. It is also expected that the government will ask the real estate developers to come forward and join the initiative of constructing affordable housing projects for the weaker section of society.

The Indian real estate sector has witnessed some positive developments in the past few months with the Reserve Bank of India (RBI) lowering key interest rates, unveiling of ‘Make-in-India’ campaign and relaxation of FDI norms in construction sector. With positive sentiments back into the sector, many real estate companies have started building luxurious residential and commercial projects in Delhi NCR. One such company is Unnati Fortune Group, which is constructing premium residential and commercial apartments in Noida. Unnati Fortune Group is a leading real estate company in Delhi NCR, and offering ‘The Aranya’ and ‘Unnati World’ as few of its most prestigious residential and commercial projects in Noida, respectively.

The announcements made by Finance Minister Arun Jaitley related to infrastructure development and affordable housing for all by 2022, will impact positively to the Indian Real Estate Market. People will find the residential and commercial projects surrounded by well-developed social infrastructure more attractive and invest in real estate properties which are well-connected to roads and have all modern amenities. ‘The Aranya’ and ‘Unnati World’ by Unnati Fortune Group are few of such residential and commercial projects in Delhi NCR that serve this need of people and offer all modern amenities with well-developed social infrastructures.