Although many new trends were witnessed in the real estate sector in India in 2018, the year could well be regarded as the ‘Year of Affordable Housing’. Key reforms such as RERA, GST & the Benami Transactions Prohibition Act as well as the government’s policy initiatives like the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) gave a big push to affordable housing during the year, leading to the revival of residential real estate in the country, says Pradeep Aggarwal, Chairman and Co-Founder, Signature Global, and Chairman of the National Council on Affordable Housing, ASSOCHAM. In an exclusive interview with Sanjeev Sinha, Aggarwal speaks about the resurgence of affordable housing, its role in reviving the sector, and the prospects of real estate in 2019.
Excerpts:
