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'Govt to soon allow 100% FDI in rental housing'
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SME Times News Bureau | 01 Aug, 2020
Union Minister for Housing and Urban Affairs, Hardeep Singh Puri on
Friday said that the government will soon allow 100 per cent FDI in the
rental housing segment.
Speaking at a webinar, the minister also
announced that the real estate sector will have a 'Permanent Working
Group' to attend any issues or matters pertaining to the sector for
faster decision making.
"Responding to a demand raised by NAREDCO
about permitting a 100 per cent FDI in affordable rental housing
sector, Hardeep Singh Puri announced that the Government will soon allow
it," a National Real Estate Development Council (NAREDCO) statement
said.
The minister also launched "CREDAI Awaas App" and NAREDCO's online portal "HousingforAll.com".
In
a bid to resurrect from a continuous decline in the housing sales and
revive the demand amid the Covid pandemic, NAREDCO announced that
developers will soon offer over 2.70 lakh ready-to-move-in houses for
online sales to the home buyers in a housing sale drive.
In this
festival, developers from all over India will list their housing
properties for sale on the exclusively-created "NAREDCO Housing For
All", it said.
Niranjan Hiranandani, National President of
NAREDCO said: "The real estate sector needs an immediate demand shock
and unlocking the potential of unsold housing inventory is the immediate
remedy. This e-commerce platform is curated supporting the 'Digital
India' initiative which will not only boost the sales process but also
instil confidence among the respective stakeholders."
Further,
the CREDAI Awaas App, a platform to discover residential projects online
would offer projects from 220 cities across the country. The app aims
to facilitate transparent home buying in India of RERA approved projects
by CREDAI developers, said a CREDAI statement.
Jaxay Shah,
Chairman, CREDAI National, said: "Proptech is the future of Real Estate
and initiatives like the CREDAI Awaas App will be instrumental in
bridging the hiatus between the customer and developer in the coming
days. The significant feature of the app is that the dream of buying a
home remains a click away and one can simultaneously connect with
developers across India."
The Housing Ministry had directed
CREDAI & NAREDCO at the 3rd RERA Conclave, held at Lucknow in 2019,
to launch online project discovery platforms which would be RERA
regulated and would help the sector be more proficient when it comes to
home buying.
"The CREDAI Awaas app will aid developers in selling
their finished projects faster and improve home buyers' sentiment at
large," the industry body said.
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