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The government, in the upcoming Budget, should grant industry status to real estate sector, apart from setting up a single window clearance mechanism, the National Real Estate Development Council (NAREDCO) said on Wednesday.
“The industry status will attract large companies and inculcate corporate culture and industry discipline which will benefit economy in general and consumers in particular,” NAREDCO President Parveen Jain, said at a conference here.
The body has also demanded infrastructure status to the housing sector in order to help builders fulfil the Centre’s ‘housing for all by 2022’ mission.
Jain added that housing finance companies should be allowed access to long-term funds such as Provident Fund, Insurance and Pension funds as all developing countries have access to such long term funds for housing and infrastructure development.
Banks should be asked to increase their allocation for housing from the present 3 per cent to 5 per cent of their incremental deposit. The additional 2 per cent incremental allocation may be earmarked exclusively for canalizing it through housing finance companies registered with National Housing Bank, NAREDCO suggested.
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