Industry & Economy
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Real Estate & Construction
`Realty can contribute 2% of GDP growth'
Our Bureau
The Minister for Urban Development & Poverty Alleviation, Mr Anant Kumar (right), with the Minister of State, Mr Bangaru Dattatreya, at the 2nd national convention & expo on housing in nation building in the Capital on Friday.
NEW DELHI, March 15
THE country is heading towards a brown revolution known as housing revolution following the resurgence witnessed in the housing and real estate sector as a result of the thrust given by the Government in recent years, according to the Minister for Urban Development and Poverty Alleviation, Mr Anant Kumar.
Inaugurating the second national convention and exposition on `Housing and nation building' here today, Mr Kumar pointed out that housing and real estate sector, construction and allied industries, if given proper incentives, had the potential to contribute 2 per cent of GDP growth annually.
Emphasising the need for carrying forward the reforms in the housing and urban sectors, the Minister expressed the Government's resolve to evolve a consensus on several contentious issues such as provision of second mortgage of property, allowing depreciation on houses, creation of lease hold market, revision of urban land ceiling, model rent control act and rationalisation of stamp duty.
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