Mr. Rohit Raj Modi, President, CREDAI NCR

“It is indeed a welcome step by the government. The sector has been reeling through an acute funding pressure. The foreign investment in real estate has also gone down in last few years. Investors were shying away due to ambiguity in rules and regulations. Also they were not keen on locking their funds for longer period. With these reforms in place, they would now be able to manage their fund quite well. We believe affordable housing would be the biggest beneficiary of this step as funding is now allowed in projects sizing 20,000 sq meters as well.

It is evident that government intends to fulfil its dream of housing for all by 2022 and these steps are aligned to that. We are happy that government is now considering real estate as an important sector and is coming out with corrective measures. We are hopeful that soon we would be given industry status as well which will further ease out the funding issues.”