"Given the slowdown in the real estate sector, additional High Net Worth Individual (HNI) investments in the sector at high interest costs and the increase in ready reckoner rates by some state governments, will only push up property prices further".
"Taking adequate and appropriate measures to increase affordable housing alternatives will not only create a GDP multiplier, but also improve the living standards of Indian citizens," Assocham President Rana Kapoor said.
The country currently requires 18.78 million additional houses, of which 95.62 per cent are in the Economically Weaker Section (EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), Assocham said.
The industry chamber said grant of infrastructure status to the housing sector will help attract higher capital. It advocated relaxation in the conditions for foreign direct investment (FDI) in real estate and reduction in minimum capital requirement from USD 10 million to USD 5 million and minimum tenure before repatriation from 3 years to 1 year.
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