The central government has announced the launch of a dedicated digital investment platform to facilitate domestic investments and boost the growth of real estate in India. The upcoming platform is aimed to help in channelizing investments in real estate.
As per the Commerce Ministry, the upcoming digital platform is meant to do hand-holding, information dissemination and facilitation of domestic investors which will help and support the investors throughout their business cycle. The new platform is expected to include useful features like daily updates on policies and new schemes of the central and state governments. The platform will contain information about licenses, approvals, clearances and incentives. The real estate businesses are expected to get support from this new platform in terms of finding investment opportunities, funding, raw material availability, taxes and incentives. The dedicated digital investment promotion and facilitation team will further come in handy.
The new initiative has been announced just in time when the sector is recovering from the pandemic back-slash. The new platform is expected to help the homegrown financial backers. A recent study has shown that the rising new working class has a normal reserve fund of Rs 20 lakh for each annum. This new classification of the working class is different from the normal working class that has a profit of over merely Rs 2.5 lakh per annum. This new class with a bigger salary can be potential investors in the real estate sector. The report puts the number of such families at approximately 633000. More than 70% of these mogul families fall in the top 10 states with Maharashtra having the most noteworthy number of 56000 such homes.
Says Mr Pradeep Aggarwal, Founder and Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing and Urban Development, “The ascent in the number of families with higher extra cash is a decent sign. Particularly when this new classification of the better-positioned working class is liking to put its discretionary cash flow in private land. In the background of private market turning end-client driven and supporting government strategies making private realty more moderate, this new working class with higher pay will help the land”.
He also said that “This new initiative of the government to handhold and promote businesses has come at an opportune time post-Corona when the market sentiment has improved and businesses are showing signs of recovery. The government is providing greater policy support to real estate and infrastructure as these are engines of economic growth. The move to improve ease of doing business will expedite the real estate recovery for its growth”.