There has been much progress regarding property in India over the past three years. First there was the introduction of the PMAY which promised to provide affordable housing to crore’s of Indians. Across the length and breadth of the country are being broadcast messages that proclaim that every household should have not only have a functional toilet, but that it should also be put to use. Never before have there been broadcast messages on radio that embarrass many leading them to construct a new toilet in their house. Children are used as weapons in such ads since children embarrass grown up’s into building and using a toilet rather than going out into the open to relieve themselves.
The Need For More Housing
The need for housing for all in India is crucial, at a time when there is talk of India as a rising superpower its shocking to realize that more than half the number of Indians living in India don’t have a toilet. Real estate in India seems to be an elitist concept since only those at the top of the income ladder have fully functioning homes that have more than one or two toilets for a nuclear family.
An Impact of More Housing
Under the PMAY, creating housing for those who live in urban India is expressed. An impact of creating housing for the urban poor will be that Indian cities, which are notorious globally for haphazard development and for being extremely dirty, will be transformed into modern comfortable cities in which living is a pleasure for all rather than being the privilege of a few. Property in India need not to be confined solely in the hands of a few, homeownership creates responsible citizens who take up their responsibility as stakeholders in the country.
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Scaling Up From RERA
With the introduction of the RERA the realty sector will gain another boost as the sector will now be a formally recognized sector that will be governed norms set by the government. Rera is a game changer as it empowers consumers by providing them with the tools necessary to decide which project is worth investing in. The trust deficit that had existed between buyers and sellers when transacting real estate in India will rise to new heights. No longer will builders create sub standard buildings or cause years of delay in delivering projects as they have done in the past.
RERA will allow mid income households who don’t own property in India the ease of owning a quality house even as PMAY offers the chance to own real estate in India to the urban poor who don’t have access to proper housing.