On the bright side while delivering the keynote address at a two day long conference “Affordable Housing, Liveable Cities” at the World Trade Centre at Cuff Parade, Mumbai, former Chairman of State Bank of India Ms. Arundhati Bhattacharya said ‘don’t wait to buy real estate’ but ‘buy real estate and wait’.
Acknowledging that the real estate sector faced many challenges like high costs, high taxes, and stamp duties. It was responsible for growth in the country as 8 sectors ie. Cement, Steel, Paints, Tiles, Wood panels, Lighting, Pipes, Adhesives, and Construction chemical industries are dependent on it. She quoted from a recent study by NCAER which revealed that every Rs. 1 Lakh investment in this sector means 2.9 jobs.
She stated that the need of the hour were homes that are smart in design, quick to construct and low in maintenance costs. Acknowledging that a huge stock of unsold inventory existed which was highest in Noida and lowest in Hyderabad. She said that instead of going in for rental accommodation one should go in for the purchase of Real estate through EMI’s and thereby create equity.
Source – Mumbai, DHNS (21 /11 /2017)