The real estate sector in India witnessed a great boost in the year of 2018. With 40% increase in total sales, 25% increase in residential and 26% increase in office absorption, the sector saw an investment of more than Rs 24,000 in the first 6 months of 2018.
However, a few government initiatives across the country have ensured a great boom period for the sector in the coming days. By 2022, India is going to require a lot of academically and professionally trained individuals to work in the real estate sector. Real estate courses offered by a real estate college can provide the best training required for that to the aspirants.
There are many agendas that the Government of India and the State Government of West Bengal have put forth to achieve in the next few years.
The Initiatives By The Government Of India
The Pradhan Mantri Awas Yojana (PMAY) Urban
Phase I of the initiative has been completed. But the Phase II and Phase III are still in progress. With a deadline of March 2022, the PMAY Urban aims to cover more than 200 cities.
Until December 2018, a sanction of more than 6.85 million houses has been made by the Government of India.
The mission of the Government is ‘Housing For All By 2022’.
In March 2018, construction of additional 3,21,567 affordable houses was sanctioned under the scheme.
National Urban Housing Fund
The National Urban Housing Fund was approved to be created by the Government of India by the sanction of an outlay amount of US $ 9.27 billion. The approval was given in February 2018.
Affordable Housing Fund
Under National Housing Bank, the Government announced Affordable Housing Fund scheme. It is mainly done to boost the supply and demand of houses to low-income groups.
Smart Cities Mission
The Smart Cities Mission by the Government of India for 99 cities has been allocated an amount of Rs 2.04 lakh crores.
In 2018, Rs 2,350 worth of projects are completed and Rs 20,852 crores of projects are still in progress.
- The Initiatives By The Government Of West Bengal
- The ‘Banglar Bari’ Scheme
One of the most successful projects of housing development by the Government of West Bengal has been the ‘Banglar Bari’ scheme.
The scheme was mainly launched for people with income within Rs 10,000 and to families having more or dominant number of women.
Initiated under the State Urban Development Agency, the ‘Banglar Bari’ scheme was a successful project and is still ongoing.
Another initiative by the Star Government of West Bengal is the ‘Nijoshree’ scheme. Flats belonging to two categories will be provided under the scheme – 1 BHK and 2 BHK.
With an earning up to Rs 15,000, people can apply for 1 BHK and with an earning up to 30,000, one can apply for a 2 BHK flat under this scheme.
These initiatives will for sure push the demand and supply curve of the real estate sector and increase the investments.
The sector, as a result, will provide great employment opportunities to the youth. Those who are interested in the real estate sector can for sure enroll themselves in a real estate college and select the requisite and fitting course among the available real estate courses.