ASSOCHAM hails passage of Real Estate Bill in Rajya Sabha

Apex industry body ASSOCHAM (Associated Chambers of Commerce and Industry of India) has hailed the passage of the long-pending Real Estate (Regulation and Development) Bill in Rajya Sabha saying that it would to lead development of urban infrastructure and help realise Prime Minister Modi's vision of 'Housing for every Indian by 2022'.

It further said that the passage of the bill would play a pivotal role in structural transformation of India's economy.

"Apart from resolving key issues that are hampering the growth of the real estate sector, this bill will lead to institutional reforms in land acquisition, approval processes and taxation that are much needed to expedite development of affordable housing," said president of ASSOCHAM Sunil Kanoria.

"Besides, it will also help in facilitating investments through FDI, REITs and other innovative real estate financing models will help attract long term funds from foreign and domestic investors," said Kanoria.

Kanoria also said that urbanisation through organised housing would create jobs and lead to growth.

"Urbanisation through organised housing can act as a catalyst for the Indian economy by creating a multiplier effect on job creation as well as growth in key ancillary sectors and emerge as the game changer for developing the country," he added.