Needless
to say that Housing Construction Industry in India is equally important, and
thrust to be laid on the fact that, this Industry is providing employment to
more than 25 million workers. Besides
this, by way of Taxes, Stamp duty and development charges etc., this
Construction Industry is paying whooping sums to the Government. Yet, the Construction Industry has not been recognised as an Industry, due to which the conditions of construction workers
is pathetic. It is not an exaggeration
to say, the construction workers are the actual builders of the Nation, and yet
they are in no way protected. There is
no provision for Provident Fund or other essentials covers for them.
The
Industry status is also badly needed to the developers, because in the absence
of industry status, there is no institutional finance available for buying plot
of land by the developers, resulting which the Developers are constrained to
raise funds either from speculators or borrow at whooping rates of interest,
with the result that the real estate prices became most unrealistic.
The
Government has granted Industry status even to the ‘film industry’, and as
such, there should not be any hesitation to grant ‘industry status’ to this
much more important housing construction
sector.
Above
all, the Industry status to the Housing Construction industry is verymuch
needed to attract NRI’s and foreign companies to plough funds in this industry,
to boost housing and construction activities.
This will eventually give a kick start to the sagging real estate
market.
The
real estate market is not a speculative investment, but because of money supply
constraints, it was made so. This has
resulted in sky rocketing of real estate prices, and ultimately slowly dripping
out of the reach of common man; and this position will have worst effect on the
property market.
All
these and other woes can be easily erased by just awarding ‘industry status’ to
this Core sector of ‘Housing Construction’.
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