5 Things Modi Govt Has Done That Will Change Realty For Better

His is a personality not known for attracting anything in moderate proportions. His critics are often seen vehemently opposing his various ways while his advocates cannot stop ballyhooing about his many traits. However, here we speak purely of real estate without getting into a debate over the personality of Narendra Modi, India's 14th prime minister who would be known in history for revolutionising many things in many ways.

Here are five things he has done since taking charge in May 2014 that would prove to be a boon for India's real estate:

• RERA - While the efforts were on during the previous United Progressive Alliance government to make this law a reality, it was under Modi the Real Estate (Regulation & Development) Act, 2016, finally became a legislation. An important piece of legislation that will largely decide the future of real estate in India, the Act is still in the process of getting implemented.

Also read: Time to Act: Part Of Real Estate Law Comes Into Effect

• Demonetisation - The initial pain involving the Modi government's move to demonetise currency notes of high denominations — existing notes of Rs 500 and Rs 1,000 were declared worthless pieces by Modi of in a televised address to the nation on November 8 — is sharp and piercing. His detractors have got fresh ammunition to charge against him. While suspicion is being shown in there being any virtue in the move by some, others are tearing apart the move pointing flaws in the implementation.  Whatever the truth may be, the demonetisation move — aimed to curb the use of black money into the system — would doubtlessly help the real estate sector move towards steady growth. Not to mention the cleanup will also facilitate a better branding.

Also read: Govt Bans Rs 500 and Rs 1,000 Notes; Move Will Cure Realty Of Many Ailments In Long Term

• Housing for All - Despite being a country, which has its policies targeted towards social welfare, India has a huge homeless population. By shaping a plan such as Housing for All by 2022, PM Modi and his government has not only tried to fulfil the social obligations of a democratic government but also made a great attempt at improving India's image in the outside world. Despite being an emerging economy, we are still known home to a large number of homeless. Other forms of improvements and advances lose their meaning in light of that fact.

Also read: All You Need To Know About 'Housing For All' Mission

• Swach Bharat - During a conversation, conservation artist Abha Narain Lambah had told PropTiger.com that India was not doing enough to attract tourists. “Those who come here to visit the Taj have to deal with the dirt at the Agra Railway Station first. It is here we need improvement,” she has said. Well, PM Modi's flagship project, the Swachh Bharat Mission, could be the answer to it if well implemented. Cleaner places will but naturally see an increase in their value.

Also read: Meet Abha Narain Lambah, The Lady On A Mission To Preserve Our Past

• GST - A multi-layered taxing system has also been behind a drag on Indian real estate. More so as there has been a lack of clarity on the rates. Home buyers have been at the mercy of developers to tell them what is the rate at which they will be charging taxes on property purchases. This is going to change now. After the Goods and Services Tax (GST) is implemented and subsume taxes on the property such as services tax and VAT (value added tax), there would be just one tax that home buyers will have to bear and there would be a clarity on the rates.  

Also read: Update: Home Buyers Will Love GST Even If They Have To Pay More