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2017 is going to be an important year for the <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate&amp;sortorder=effectivedate">real estate</a> sector, especially with <a href="http://www.businessinsider.in/budgte-2017-budget-2017-is-going-to-have-huge-respite-for-real-estate-sector-heres-how/articleshow/56592833.cms">Demonetisation</a> and RERA proving to be disruptive for the sector 
 
To conquer the downsizing period and ensure that the year ahead is favourable to buyers, the onus is the government to focus on affordability in the <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>. 
 
The fact that the government is contemplating changing the definition of the infrastructure sector in upcoming Budget, a move that will reduce costs for developers and attract investors is good news. 
 
 
 To ensure that the Budget offers relief to home buyers, here are the 5 ways the government can ensure ‘<keyword id="2481158" type="UNKNOWN" weightage="100" keywordseo="Housing-for-All">Housing for All</keyword>’:

Here are 5 ways Budget 2017 can ensure 'Housing for All'

<keyword id="107284" type="ORGANIZATION" weightage="100" keywordseo="housing-board">Housing Board</keyword>, India’s apex financial institution for housing, wants home-ownership costs in India to fall. For this purpose, it is holding talks with state governments, in a bid to convince them to cut stamp duties and registration fees. "We have engaged with some state governments on how they could reduce stamp duty for affordable housing," <keyword id="2940929" type="PERSON" weightage="100" keywordseo="Sriram-Kalyanaraman">Sriram Kalyanaraman</keyword>, MD of the <keyword id="152130" type="COMPANY" weightage="100" keywordseo="National-Housing-Bank">National Housing Bank</keyword> (NHB), told <a href="http://economictimes.indiatimes.com/wealth/real-estate/if-housing-board-has-its-way-stamp-duty-registration-fees-on-house-may-fall-to-5-6/articleshow/58451019.cms">ET</a>. "If they accept it, stamp duties and registration charges should come down significantly. Such a reduction will bring down their margin money and provide relief to many Indians, for whom owning a 'home' is still an aspiration." Also read: <a href="http://www.businessinsider.in/thelife/real-estate/indians-pay-too-much-interest-on-home-loans-reveals-study/articleshow/57936834.cms">Indians pay too much interest on home loans, reveals study</a> If the NHB successfully convinces state governments, stamp duties and registration fees might come down to 5-6% of the basic cost of the property. As of now, these rates go up to 12.5% in some states. This would also help the government in achieving its "<a href="http://www.businessinsider.in/markets/budget2016/infrastructure/real-estate/Housing-for-All-Budget-2016-expectations/articleshow/50901695.cms">Housing for All</a> by 2022" objective, started two years ago. Also read: <a href="http://www.businessinsider.in/PM-Modis-Housing-For-All-to-remain-adistant-dream/articleshow/46745016.cms">PM Modi’s ‘Housing For All’ to remain a distant dream?</a> In order to achieve the pre-set target, 29.5 million additional homes need to be built by 2022. As per Kalyanaraman, states can make up for their losses from reduced rates by the increases revenues from increased housing. "Alternative sources of revenue from the housing sector need to be looked at," said Soumya Kanti Ghosh, the chief economic adviser at the <a href="http://www.businessinsider.in/small-business/finance/are-you-a-sbi-card-user-get-ready-to-pay-rs-100-on-small-payments-via-cheque/articleshow/58243746.cms">State Bank of India</a>. "To compensate the proposed reductions (stamp duty and registration charges), state governments could explore imposing <a href="http://www.businessinsider.in/markets/budget2017/your-money/Budget-2017-here-are-vat-rates-of-india-china-uk-germany-and-brazil-find-out-which-country-has-the-highest-rate/articleshow/56759073.cms">value-added tax</a> on luxury items, and on goods such as liquor. Such reductions will not only give shelters millions but also create jobs."

Housing board might talk states into slashing stamp duty & registration fees on houses

Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015, <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY) is a <keyword id="3269615" type="PERSON" weightage="20" keywordseo="Credit-Linked-Subsidy-Scheme">Credit Linked Subsidy Scheme</keyword> for realizing the objective of <keyword id="2481158" type="PERSON" weightage="20" keywordseo="Housing-for-All">Housing For All</keyword>. The scheme seeks to provide loans on highly subsidized interests to meet the purchase, construction, extension, and improvement of the houses by three categories of people namely Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG). The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed. The benefits given for the different income groups are as follows: EWS/LIG category LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh. In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under. MIG 1 category MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years. MIG 2 category MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years. Pradhan Mantri Awas Yojana Eligibility It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy. The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

The <a href="http://www.businessinsider.in/Budget-2016-Impact-of-FDI-in-real-estate-sector-and-future-expectations/articleshow/50866872.cms">real estate sector</a> which is beset with muted sentiments since the past few years is expected to witness a turnaround going forward on the back of several measures and reforms initiated by the government in order to augment the sector. Budget 2015 saw the announcement of the government’s most ambitious project so far to revive the disoriented sector, “Housing for All” by 2022, a mission to provide a <a href="http://www.businessinsider.in/Heres-what-you-should-look-for-before-finalizing-your-dream-house/articleshow/48019052.cms">roof for each family</a>. It is targeted to complete 2 crore houses in urban areas and 4 crore houses in rural areas.
 

	The mission on low cost <a href="http://www.businessinsider.in/Revised-real-estate-bill-to-bring-relief-for-buyers-ensures-faster-action-against-defaulters/articleshow/50122879.cms">affordable housing</a> is proposed to be anchored by National Housing Bank (NHB) and a sum of USD667 million has been earmarked with a view to increase the flow of cheaper credit for affordable housing to the urban poor/Economically Weaker Section (EWS)/Low Income Group (LIG) segment. The government has identified 305 cities and towns across the states of Madhya Pradesh, Odisha, Rajasthan, Chhattisgarh, Gujarat, Telangana, Jammu and Kashmir, Kerala and Jharkhand, among others, for constructing homes for the urban poor under this scheme.
 As it is about to complete one whole year and all eyes are hooked to the upcoming <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">budget 2016</keyword>, it is time to review its performance. KPMG and NARDECO survey report 'Decoding Housing for All 2022' decodes the whole scenario for us. 

	Current state of housing in India Requirements to achieve the vision by 2022 
 

	• By 2022, India needs to develop about 11 crore housing units 
 

	• Investments of more than USD2 trillion or about USD250 to 260 billion annual investment until 2022 
 • Investments will need to grow at a <keyword id="107168" type="ORGANIZATION" weightage="100" keywordseo="CAGR">CAGR</keyword> of 12 to 13 per cent (unadjusted for <keyword id="22195" type="COMPANY" weightage="100" keywordseo="Inflation">inflation</keyword>) in 2022 

	• 70 per cent of the housing needs till 2022 should be concentrated in nine states 
 

	• Urban housing is to account for about 85 to 90 per cent of the total investments; the focus should be on affordable urban houses, which is 70 per cent of the total urban housing requirement 
 

	• About 1.7 to 2.0 lakh hectare of land is expected to be required to fulfil urban housing need by 2022.
 

	Some key points for the Government to focus on in this budget season
 

	1. Shortage of urban housing is prominent across the Economically Weaker Sections (EWS): 39.44 per cent and Low Income Groups (LIG): 56.18 per cent which together constitute 96 per cent of the total housing shortage, presenting an opportunity for affordable housing across India. 
 

	2. Scarcity of land: Non-availability of land within city limits along with rising land and construction costs, making affordable housing projects unviable. 
 

	3. Lack of adequate policy framework: Low focus on housing for EWS and LIG segment from the developer fraternity owing to lack of effective policy framework. 
 

	4. Development norms: Stringent development norms seem to have led to sub-optimal utilisation of land, in-turn raising the per unit value. 
 

	5. Approval processes: The lengthy and complex approval process leads to a high gestation period which eventually results in project cost escalation by 20-30 per cent. 
 

	6. Funding: The lack of funding sources at lower coupon rates for developers has resulted in an increase in housing cost. This coupled with limited access to credit by the EWS/LIG segment led to a reduction in housing affordability. 
 

	7. Cost overrun: Due to lack of advanced technology and skilled manpower, the overall project economics is not achieved. Many of the on-going affordable housing projects are still adopting conventional construction techniques. 
 

	With the growing gap between demand and supply for housing, the affordable housing segment poses a business opportunity worth USD 11.8 billion for developers across seven major cities (Delhi-NCR, Mumbai (MMR), Bengaluru, Chennai, Hyderabad, Kolkata and Pune) of India. The success of these developments would lie in the scale of operations. In order to bridge the current gap in the segment, the government should strengthen private participation in this segment. 
 

	Recommendations to help improve/ boost the supply of affordable housing in India
 

	1. Creating a conducive and less regulated environment – Streamline approvals required for projects and create a single window clearance, increase FSI and mandate zones for low-income housing, provide government owned land at subsidised rate to developers. 
 2. Financial assistance – Provide tax deductions or viability gap funding for affordable housing projects, <keyword id="37018" type="UNKNOWN" weightage="100" keywordseo="interest-rate">interest rate</keyword> subsidies to low-income customers, develop new avenues for project financing for affordable housing including that from insurance and pension funds, provide <keyword id="45697" type="COMPANY" weightage="100" keywordseo="Direct-Tax">direct tax</keyword> incentives to customers, increase availability of low cost debt to housing finance companies. 
	(Image credits: indiatimes)

Housing for All:  Budget 2016 expectations

The <a href="http://www.businessinsider.in/searchresult.cms?query=Real+Estate+Bill">Real Estate Bill </a>seeking to regulate the real estate sector, and bring in transparency was passed by the Rajya Sabha today. <a href="http://www.businessinsider.in/searchresult.cms?query=Urban+Development">Urban Development</a> Minister <a href="http://www.businessinsider.in/searchresult.cms?query=M+Venkaiah+Naidu">M Venkaiah Naidu</a> said it aims to protect the interests of buyers. 
 
"It brings in only a regulation and not strangulation. This Bill is not against anyone...<a href="http://www.businessinsider.in/searchresult.cms?query=Real+Estate+Bill">Real Estate Bill</a> will renew investors' confidence and ensure timely completion of projects and create more opportunities. In this way, it will help in achieving the target of '<a href="http://www.businessinsider.in/searchresult.cms?query=Housing+For+All">Housing For All</a>'," he said. 
 
Here are six ways it’s going to benefit <a href="http://www.businessinsider.in/searchresult.cms?query=home-buyers">home-buyers</a>:

6 ways
home-buyers will be Kings after Real Estate Bill

On one hand where India has <a href="http://www.businessinsider.in/Inside-an-Indian-multi-millionaires-home-the-worlds-most-expensive-family-residence-/articleshow/55001037.cms">world’s most expensive residential house</a>, it is also home to several slums and alarming number of homeless people, on the other. It is this unhoused sector that might trigger the next big change in India’s economic growth. Also read: <a href="http://www.businessinsider.in/Housing-approvals-will-soon-come-within-60-days-in-Delhi-and-Mumbai/articleshow/57389661.cms">Housing approvals will soon come within 60 days in Delhi and Mumbai</a> In June 2015, Prime Minister <a href="http://businessinsider.in/topic/Narendra%20modi">Narendra Modi</a> had announced his ambitious plan to provide ‘<a href="http://www.businessinsider.in/Every-Indian-should-have-a-house-by-2022-PM-Modi/articleshow/58182031.cms">Housing for All</a>’ by 2022, a program which aims to construct 20 million homes across the country. This boost in realty sector will set the stage for investment worth $1.3 trillion in housing sector, CLSA India Pvt Ltd told <a href="https://www.bloomberg.com/news/articles/2017-05-08/-1-3-trillion-housing-boom-set-to-be-india-s-next-growth-driver">Bloomberg</a>. The investment banking firm expects that between 2018 and 2024, India would be building 60 million new homes, while also creating about 2 million jobs annually. These changes would increase the country’s GDP by as much as 75 basis points. Prior to government’s <a href="http://businessinsider.in/topic/demonetisation">demonetisation</a> move, India's affordable housing was growing the fastest, but <a href="http://www.businessinsider.in/How-Demonetisation-crippled-Indias-real-estate-sector-and-the-difficult-job-in-front-of-Budget-2017/articleshow/56646656.cms">experienced a slump</a> after almost 86% of the nation’s currency was banned on November 9th. However, the industry has started showing signs of recovery. Modi government has already granted affordable-housing builders an "infrastructure status," thus making them eligible for state incentives, subsidies, <a href="https://www.google.co.in/search?q=businessinsider.in+tax+benefits&amp;oq=businessinsider.in+tax+benefits&amp;aqs=chrome..69i57.1547j0j4&amp;sourceid=chrome&amp;ie=UTF-8">tax benefits</a> and institutional funding. This, accompanied by a drop in mortgage rates and stable prices in comparison to increase in per-capita incomes, means that the realty sector is readying itself to welcome the next big change in the country’s economy.

India is set to witness a housing boom worth $1.3 trillion, and it would CHANGE the economy like never before

The Union Budget 2016 on the whole is balanced and highly positive as it looked into almost every aspect and how things can be changed for the betterment of our nation. 
 
The opportunities it has opened are huge and can dramatically change the whole dynamics of the economy once implemented. It shows tremendous worth and can change the real estate market from the situation it is at. 
 
There were endless expectations of real estate developers from the Union Budget which did dampen the enthusiasm initially however if one sits back and analyses the whole initiative of “Housing For All”, you can see how well the government has acted upon its words and promises. 
 
For a consumer the ‘No Service Tax for houses built under 60 square metres’, will have a encouraging outcome as it will add to the savings of approximately 4% making other investments possible for him/her. In addition to this, the consumers on rental property too will benefit with the HRA exemption that has been raised to Rs 60,000 now. 
 
Even the exemptions on home loans for first time buyer the market is bound to see a boost in sales. For that matter, even getting rid of the dividend distribution tax on Real Estate Investment Trusts (REITs) will help larger players like developers, private funds and financial institutions to invest, mobilize and stabilize the higher segment and luxury real estate market. 
 
The focus upon rural development sets in a lot of opportunity in the Tier-3 cities as well making greater possibilities for the real estate sector to gradually pick up base. 
 
(The article is authored by Akhil Kumar Sureka, Managing Director, Sarvome Developers)

Govt delivers on ‘Housing For All’, says expert

If you are buying a house for the first time, <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Modi</a>-led government has some good news for you. 
 
The government is planning to subsidise a part of your <a href="http://www.businessinsider.in/searchresult.cms?query=home+loan&amp;sortorder=effectivedate">home loan </a>if you earn Rs 18 lakh per annum. Presently, this subsidy is available to only those earning up to Rs 6 lakh per annum. 
 
In a bid to give fillip to the <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate&amp;sortorder=effectivedate">real estate</a> market, the government has announced two new subsidy slabs and achieve ‘<a href="http://www.businessinsider.in/searchresult.cms?query=housing+for+all&amp;sortorder=effectivedate">Housing for All</a>’ dreams by 2022. The slabs will apply to loans with a tenure of up to 20 years, as against the limit of 15 years now. 
 
As per the slabs, if you are earning less than Rs 6 lakh per annum, you will get a subsidy of 6.5 percentage points on a principal component of Rs 6 lakh, regardless of their total loan amount. If they borrowed money at 9% interest, they will pay only 2.5% interest on Rs 6 lakh, and 9% on the remainder. 
 
For people earning up to Rs 12 lakh per annum, they will get interest subsidy of 4 percentage points on a principal component of Rs 9 lakh, and the highest income category of Rs 18 lakh per annum will get a subsidy of 3 percentage points on a principal component of Rs 12 lakh. 
 
The net benefit to all three categories over a 20-year loan tenure is roughly Rs 2.4 lakh (assuming an interest rate of 9%, see table), and the monthly instalment reduces by roughly Rs 2,200. This subsidy benefit under PMAY is in addition to the income tax benefits on home loans, which can go up to Rs 61,800 per annum for someone in the 30% tax bracket.

PM Modi is making things easier for people buying homes for the first time. Govt is giving subsidies

Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> today said residents and city leadership should play the major role in deciding how their city will grow and not private property developers, as he unveiled three mega flagship urban schemes aimed at developing cities as engines of growth. Urbanisation should be viewed as an opportunity and urban centres should be viewed as growth engines, he said launching the Atal Mission for Rejuvenation and <keyword id="2130852" type="UNKNOWN" weightage="60" keywordseo="Urban-transformation">Urban Transformation</keyword> (AMRUT), <keyword id="2738020" type="UNKNOWN" weightage="100" keywordseo="Smart-Cities-Mission">Smart Cities Mission</keyword>, and <keyword id="2481158" type="UNKNOWN" weightage="100" keywordseo="Housing-for-All">Housing for All</keyword> (Urban) here. 

	"Under these schemes we can go ahead and we can do it together (Centre and state). India is rapidly urbanising. Every year Hindustan gives birth to a small country," he said. 
 

	While 500 cities will be developed under AMRUT scheme, there would be 100 Smart Cities over five years and Housing for All aims construction of 2 crore houses in urban areas in the next seven years. 
 

	Smart City will be selected through a competition among cities while 500 cities are being identified under AMRUT. 
 

	Referring to Smart City, Modi said, "For the first time in India, a challenge was being floated, in which the citizens of urban India could contribute in the formulation of development visions of their cities." 
 

	Those cities which were able to competitively meet the required parameters would be developed as smart cities. 
 

	"This competitive mechanism would end the top-down approach, and lead to people-centric urban development," he said. 
 

	"These urban development schemes were not prepared by the Government alone, but involved perhaps the biggest consultation exercise ever taken by the Union Government, involving all stakeholders and examining global best practices," he said. 
 

	Stressing that all schemes for urban development should move forward based on people's participation, Modi said, "There is a lack of holistic vision about urban planning, and expansion is driven not by the administrators of a city, but by property developers. 
 

	"Through AMRUT, the aim of the Government is to give cities themselves the chance to plan their future growth," he said. 
 

	The Prime Minister said the people assembled for the function here had on them the collective responsibility for better quality of life for 40 percent of India's population that either lived in cities, or were dependent on cities for their livelihood. 
 

	The Prime Minister stressed that aspirations of migrants from rural areas, and slum dwellers, should be balanced with the changing global environment and said ensuring a good life for them is the government's responsibility. 
 

	Giving a simple vision of a smart city, he said it is one which was a step or two ahead of people's aspirations. 
 

	"There should be facility for walk-to-work because today a person spends maximum time in travelling to office and gets very little time to work," Modi said. 
 

	Besides transportation, technology also plays a key role and there should also be provision for energy efficiency, and cycling etc. 
 

	Lamenting the state of affairs in urban areas, he said, "If this had been done 25-30 years ago, it would have led to good results today, but better late than never. Schemes which had a clear vision and were people-centric, were the need of the hour." 
 

	Seeking replication of best practices from across the country, the Prime Minister mentioned Hyderabad's tax collection system, Karnataka's efforts for solid waste management, and Chhattisgarh's work to eliminate open defecation. 
 

	Chhattisgarh, which is fighting Maoist menace, is making an all out effort to make the state free from open defecation, he said. 
 

	Mentioning the challenge of rising population, he said all possible avenues should be explored to find the resources for urban development. 
 

	Highlighting the importance of the housing scheme, the Prime Minister observed that, "A house was a turning point in the lives of poor, which leads towards a better life and the government's effort was to not just provide a house, but to provide the right environment to live life to the fullest." 
 

	Citing the existing housing shortage of 2 crore units, he said India would complete 75 years of Independence in 2022, and by then, it was "our responsibility to provide a house for everyone". 
 

	Noting that public representatives and leaders are remembered by the good work they did in their terms, the Prime Minister asked urban leaders to contribute to doing something for the good of the people. 
 

	If a person gets an opportunity and does something worthwhile, it will be remembered even after 50 years, he said. 
 

	Asking chairpersons of municipalities and mayors of urban local bodies to do some good work in their terms, Modi said, "You can show your grandson whether it is any building or whatever you have done 50 years ago. The success parameter of life is that what you have done for the people." 
 

	The Prime Minister appreciated people for their interest and work in the Swachh Bharat initiative, as well as the positive role played by media in generating awareness. 
 

	"All media men are doing it on their own and media role in Swachh Bharat campaign will always be remembered for this, he said. 
 

	On the rural and urban divide, the Prime Minister said urban and rural development in the country should be complimentary. 
 

	"One way of doing this was to ensure waste water management in urban areas, so that the treated water could be returned to rural areas for irrigation. Similarly solid waste management could generate compost which could act as organic fertiliser for the surrounding rural areas," he said. 
 

	Chief Minister of Maharashtra Devendra Fadnavis, Haryana CM Manohar Lal Khattar, Jammu and Kashmir Deputy CM Nirmal Kumar Singh, mayors, chairpersons of urban local bodies and senior officials from all states and UTs have attended the mega event at the Vigyan Bhawan. 
 

	On the occasion, the Prime Minister released logos, and taglines for AMRUT and Smart Cities Mission; and guidelines for AMRUT, Smart Cities Mission and Housing for All (Urban). 
 

	The Prime Minister also visited an exhibition on best practices in urban development. 
	 
	(image credits: indiatimes)

Citizens will plan their city: Narendra Modi on Smart city
project

India's housing market was among one of the sectors that took a big hit when Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> shocked one and all scrapping Rs 500 and Rs 1000 notes as legal tender. 
 
While it was known that demonetisation would adversely affect the property market, what we weren't aware is the extent of the damage caused. 
 According to a <keyword id="151748" type="CITY" weightage="100" keywordseo="Knight-Frank-India">Knight Frank India</keyword> report, Demonetisation brought the housing market to an absolute standstill during October-December last year, with the Delhi-NCR market hit the hardest. 
 
Sales volume dropped by 53 percent to 6,765 units in the fourth quarter of 2016 while new launches fell by a massive 73 percent in Delhi NCR. 
 Knight Frank which tracks the primary housing markets of eight cities -- Delhi-NCR, Mumbai, <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword>, Chennai, <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword>, Hyderabad, Pune and Ahmedabad also observed that sales fell by 44 percent in these eight cities, which is not only the lowest level since 2010, but also resulted in a revenue loss of Rs 22,600 crores to the builders. 
 
Moreover, the report also stated that new home launches fell by 61 percent to 24,316 units in the fourth quarter compared with the year-ago period. 
 
As it turns out, housing sales had gone up in the first nine months of 2016, but 'the government's decision to scrap the Rs 500 and Rs 1,000 notes in early November pulled down the housing sales in the fourth quarter as well as for the entire last year.' This had a domino effect as it led to developers refraining from announcing any new launches and buyers were extremely cautious before buying anything. 
 This resulted in the launches and sales of <keyword id="6543013" type="UNKNOWN" weightage="100" keywordseo="real-estate-sector">real estate sector</keyword> in 2016 being the lowest since global financial crisis. 
 
Additionally, the report also estimated that Demonetisation had contributed to the state government's notional loss on stamp duty at Rs 1,200 crore. 
 To summarise, the <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword> is going to assume an even bigger importance when it comes to correcting the wrongs done to the real estate sector.

How Demonetisation crippled India's real estate sector and the difficult job in front of Budget 2017

Off lately, Prime Minister <a href="http://www.businessinsider.in/topic/Narendra-Modi">Narendra Modi</a> has been making continuous efforts to <a href="http://www.businessinsider.in/Infrastructure-development-is-now-the-prime-aim-for-the-Modi-government-Heres-how/articleshow/58429689.cms">push the infrastructure</a> projects that have been delaying for long. Looks like the efforts are finally paying off. As of January, about a quarter of 1,201 projects valued at 16.9 trillion rupees ($262 billion) were delayed, a substantial decrease from 43% delays recorded two years back, says a government report seen by <a href="https://www.bloomberg.com/politics/articles/2017-05-10/modi-diktat-paying-off-india-infrastructure-projects-on-a-roll">Bloomberg</a>. Also read: <a href="http://www.businessinsider.in/India-is-set-to-witness-a-housing-boom-worth-1-3-trillion-and-it-would-CHANGE-the-economy-like-never-before/articleshow/58590215.cms">India is set to witness a housing boom worth $1.3 trillion, and it would CHANGE the economy like never before</a> Not only this, cost overruns have also come to 11%, down from 20% as recorded in March 2015. However, there are a lot of pending projects from sectors like coal, power, petroleum, <a href="http://www.businessinsider.in/Indian-Railways-is-not-in-the-pink-of-health-turnaround-hits-buffers/articleshow/58411600.cms">railways</a> and road. These delays could have been caused by a delay in attracting finance, land acquisition and environmental clearances, along with lack of infrastructure support and linkages. Also read: <a href="http://www.businessinsider.in/How-Demonetisation-crippled-Indias-real-estate-sector-and-the-difficult-job-in-front-of-Budget-2017/articleshow/56646656.cms">How Demonetisation crippled India's real estate sector</a>

You Searched For "Housing for All" and got 11 results

Here are 5 ways Budget 2017 can ensure 'Housing for All'

Poulomi Das

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