March 15, 2002

‘32’

INDIA ON THE VERGE OF ‘BROWN REVOLUTION’: SHRI ANANTH KUMAR

    The Minister for Urban Development and Poverty Alleviation, Shri Ananth Kumar said that country is heading towards a ‘brown revolution’ known as housing revolution, following the resurgence witnessed in the housing and real estate sector as a result of the substantial thrust laid by the government in the recent years.

    Inaugurating 2^nd National Convention and Exposition "Housing in Nation Building", here today, Shri Kumar pointed out that housing and real estate sector, construction and allied industries, if given proper incentives, have the potential to contribute 2 per cent to the GDP growth annually.

    "Housing and real estate sector can make the difference between gloom and bloom," Shri Kumar added.

    Emphasizing the need for carrying forward the reforms in the housing and urban sector, the Minister expressed his resolve to evolve a consensus on several contentious issues such as provision of second mortgage of property, allowing depreciation on houses, creation of lease-hold market, revision of urban land ceiling, model rent control act and rationalization of stamp duty.

    Pointing out that "the boom in the real estate market in the early nineties had led to mushrooming fly-by-night developers, driven by motives of profit maximization, with little commitment to the profession", Shri Ananth Kumar urged builders and developers to provide healthy and efficient services to the consumers.

    "Ensuring public private and consumer partnership in the housing and real estate sector is an imperative for the growth of the housing sector", the Minister emphasized.

    Stating that the budget proposals have been overall extremely satisfactory for the housing and urban infrastructure sectors, Shri Kumar expressed confidence that these proposals would facilitate a larger output of housing delivery thereby increasing the availability of housing in the market as well as encouraging savings into housing investments which would further give a thrust to housing and real estate.

    Minister of State for Urban Development and Poverty Alleviation, Shri Bandaru Dattatraya expressed concern at the poor housing facilities for the informal sector population consisting of the hawkers, vendors, domestic helps, laundrymen, drivers, grocers etc who shape and support the daily life of the citizens. He emphasized the need for a land bank in every housing layout to meet the needs of the shelterless.