Confederation of Indian Industry -CII suggests measures to boost realty sector

The Confederation of Indian Industry (CII) has circulated a consultative note that stresses upon the need to give a major push to the country's real estate sector through primary and supplementary measures.

1) An extension of municipal limits of the existing cities,

2) Simplification of procedures for conversion of land use from agriculture to non-agriculture,

3) Offering infrastructure status to township projects,

4) A complete revision of the floor space index policy,

5) Allocation of specific land in the city master plans for economically weaker section of the community,

6) Government should consider either waiving off or substantially reducing the stamp duty for economically weaker section (EWS),

7) Promotion of appropriate low-cost housing technologies

Stimulate economy and generate employment:

With the phenomenal increase in population and urbanisation, the shortage of housing is expected to increase from 24.7 million dwelling units in 2007 to 26.5 dwelling units by 2011.

About 90 per cent of the shortage of housing is in this segment.

Any fillip to this segment of housing will spur economic activities, stimulate demand and generate employment, the CII note said.
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