'Need fresh wave of investment in affordable housing'

Budget 2021 | 'Budget needs to include a fresh wave of new investment in affordable housing'

Representative image. Credit: iStock.

By Nimish Gupta, 

The Union Budget is a critical moment for the government to deliver a boost for the built environment sector in India – this following the economic shock felt due to the Covid-19 pandemic that has transformed the way consumers behave.

It needs to include a fresh wave of new investment in affordable housing that would give builders a clear economic incentive to deliver the homes needed by ordinary Indians – and help create many skilled jobs in the process.

The Budget should also promote greater uptake of new efficiency measures, such as the use of contract saving schemes or Real Estate Investment Trusts, which will increase the viability of housing schemes across the nation and unlock new investment opportunities.

RICS professionals are seeking a clear and consistent implementation of the Real Estate Regulatory Authority, a body overseeing the use of construction measurement codes, valuation standards and data collection, that will help re-grow market confidence after a tumultuous twelve months.

(The author is the RICS Managing Director for South Asia)