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Real estate business in
India has by and large remained in the unrecognized sector and thereby, has
attracted little corporate funding.Few efforts have been made to streamline
the sector and its financial environment.One of the most recent developments
however appears to be a major shot in the arm for the real estate sector. The
decision of the Government of India to permit foreign direct investment (FDI)
has been viewed by many as the much needed prescription to bring about a
competitive environment in the sector, thereby forcing smaller and unrecognized
players to move out and make way for more professionally and globally sound
players.
Although it has a long time
for the government to carry out the unbundling process with some degree of
success, it has not been a mean achievement. The reasons for this have been
continued liberalization, rising of FDI cap in various sectors telecom reforms
and foreign companies being permitted to buyout Indian partners.
FDI in real estate in Indian cities may be viewed in terms of its overall strengths, weakneses,
opportunities and threats. In terms of strengths, one of the major benefits,
which FDI is slated to bring about, is influx of huge capital. This will of
course happen only if we ensure investments by the foreign investor are free
from hassles. It is still a general perception that the real estate sector in
India is not the right place to park funds.
The real estate industry in
India has a very poor image in the global scenario. The government of India has
proactively recognized that FDI policy has great strength to rake in a lot of
money. We earnestly feel that the current industry has certainly matured in
terms of quality and design and foreign entry would certainly improve the
product. Improved, cheap and maintenance free technology is another strength
which can be brought in by foreign companies.
On the whole, greater
professionalism would certainly be induced into the real estate industry. The
FDI has resulted in competition and fall in prices in telecommunication,
electronics and automobiles sectors and the consumers have been immensely
benefited, however the same has also to be realized in the real estate sector. The real estate providers both private and public have to strike a balance so that
all the sections of the society are benefited.
The following can be
considered as goals for sustainable development of urban infrastructure:
1. Supporting urban
reforms, industrialization, productivity growth, expansion of financial and
other services, and promoting economic activity in both formal and informal
sectors.
2. Coverage of urban
infra-structure facilities, water supply, sewerage and drainage solid waste
management, transport, health care, education, etc.
3. Creating an enabling legal,
planning, financing regulatory framework for the sustainable augmentation of housing, infrastructure and social amenities.
4. Facilitating
commercialization of urban infrastructure and alternate forms of service
provision, including privatization and public private partnerships.
5. Assisting the urban poor
in income generation activities, improving their quality of their physical
environment and enhancing their access to basic services like safe drinking
water and sanitation, primary health care and education.
6. Protecting the urban environment and ensuring harmonious development of rural and urban areas with
due regard to the conservation of natural resources.
7. Installing and
sustaining people-friendly and transparent and accountable urban governance
based on empowered elected local bodies, committed political leadership,
partnerships with civil society, participatory planning, capacity building of
stake holders, etc.
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