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| Mr. Anuj Puri |
By Mr. Anuj Puri
Commercial Office Real Estate..!
The implementation of the revised DTC (Direct Tax Code) will have strong implications on SEZs (Special Economic Zones). The industry requires clarity on the issues that may emerge, and how businesses would be promoted in SEZs.
Taking cues from the healthy growth of IT/ITES in Tier I cities and its effect on the growth of employment, the Government should actively roll out an incentive-based IT policy (such as STPI) for Tier 2 and Tier 3 towns as well
Residential Real Estate..!
Last year, a 1% interest rate subsidy was provided for loans (Loan Amout Maximum Rs. 15 Lakh, Property Value Maximum Rs. 25 lakh) towards affordable housing. The scope of this subsidy should be amplified and broadened to include a wider price band of budget housing to benefit home buyers, especially in lower income groups.
More funds should be allocated to the RAY (Rajiv Awas Yojana) for urban housing targeted at the EWS (Economicaly Weaker Section) and the LIG (Lower Income Group)sections
Enact provisions for SRZs (Special Residential Zones) to incentivise the growth of housing stock at targeted locations
Retail Real Estate..!
Relax FDI (Forigien Dircet Investment ) upto 51% into multi-brand retailing. Indian retail will benefit greatly from increased spending in back-end logistics infrastructure and growth of organised retail
Infrastructure..!
Increase infrastructure spending in urban areas with a view to unlock the value of neglected and hidden land assets in suburban and peripheral districts
Increase outlay to JNNURM (Jawaharlal Nehru National Urban Renewal Mission)
Policy..!
Grant industry status to real estate, since the sector is a major driver for economic growth and generates countless jobs across its various verticals and associated industries
Relax norms for repatriation of FDI in real estate. The market environment needs to be rendered more investment-friendly
Enact legislation on REITs to provide exit opportunities to real estate investors.
Bring out strong and convincing evidence of intention to implement the proposed real estate regulator in 2012, and provide single-window clearance for real estate development projects
About the Author..!Mr. Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India.
| + 91 22 2482 8410 |
| anuj.puri@ap.jll.com |
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