Does real estate sector needs a governing ministry?
Real estate market is always referred as an evergreen market since it never gets dry spells. As long as there is increase in population demand for residential, commercial and office spaces increases gradually. As the demand for the realty increases the demand for every real estate raw materials and skilled labours also increase. On proportion the demand is the driving factor for real estate and in turn is also the direct reason for the rise in price.
But what changes would favour the real estate market after the new government has set up? At present the construction sector in India offers employment to around 10 million workers but this is expected to raise to 30 million by 2020. With an industry of such voluminous nature has no ministry governing over the sector. Smaller sectors with less GDP than the construction sectors has ministries while the sector with the largest work force next to agriculture has so governing ministry. If at all any problem may arise the realtors had to be baffled where to approach to solve the issues.
This new ministry if formed should act as a bridge between the central governments and the people involved in the sector directly for livelihood and help them to solve unresolved problems and promote the sector in every possible ways. Funds should be allotted for the same cause.
Most of the funds, raised by the state government for the construction sector to maintain smooth phase in project management, are being properly utilised due to improper coordination, lack of direct governing authorities and various other reasons. These funds when properly utilised would be a great boon to the construction sector and in turn the whole real estate sector itself such as training the skilled workers to increase their skill level to a better level or training the unskilled one which will in turn result in the increase of the overall quality.
The new government promises nation wide affordable housing, develop at least 100 more cities and evolve nation wide land use policy. All these are set to benefit the real estate sector manifold. Other changes like increasing accessibility both inter and intra city by better connectivity, maintenance of better e-governance for the approval of projects etc. will promote real estate.
In brief, new amendments and changes are required to improve real estate for a smooth sail. A ministry has to be set to make these amendments and changes active in public and help them government in better enactment of these amendments and more if needed to promote the sector. But will the new government will be willing to make these amendments? Only time will give us the answer.
