RoofandFloor Bureau
Just weeks after the Real Estate Regulatory Bill was passed in Parliament, the Modi Government now plans to bar real estate investors from buying homes as assets. If this becomes law, only buyers who intend to live in the units they purchase will be allowed to invest. The radical move has surprised many in the industry. As a few developers told us during our Realty Connect event in Bangalore last month, investors have stayed away from real estate and is one of the reasons behind the current industry slowdown.
Mr Venkaiah Naidu, minister for urban development, housing, and urban poverty, has consistently maintained that his mandate is to make housing more people-friendly and reduce the time taken for approvals and clearances through the single window clearance system. Ministry officials say that Prime Minister Modi is committed to safeguard the interests of home buyers and banning investors is another step in the right direction.
Speaking to RoofandFloor, ArunimaLaxmi, a 40-year-old nurse said, that she had been saving to invest in a home in Hebbal but this news has alarmed her. “Real estate values are expected to appreciate later this year and I wanted to make the most of it. This is really an unfortunate move. Didn’t expect this of Modiji.”
At the time of publishing, RoofandFloor was awaiting official comments.
(Because this is an April Fool’s prank!)