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Real estate deserves industry status

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Real estate in partnership with infrastructure has driven GDP growth over the years; and it has the potential to help India achieve the goal of evolving into a $5 trillion economy.

Over the years, we have seen how in some aspects small tweaks result in major advantages. Granting of industry status is one such aspect. To be fair, affordable housing has been granted this; other segments in real estate are also waiting for a ‘change in status’ — and with good reason.

The inclusion of real estate among those sectors granted ‘industry status’ will directly reflect in terms of availability of low-cost credit.

Low-cost funding has been the single largest challenge for real estate. Over the years, the challenge has evolved and grown, and now we have ‘last mile funding’ for on-going projects as a separate challenge in itself.

The biggest argument for granting industry status is the low rate of NPAs (non-performing assets) in real estate: it’s…

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