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Indian Real Estate: Land Conversion Rates to Go Up
Buying your dream homes will be further tough with Urban Development Minister S. Jaipal Reddy stating that conversion charges on land use from agriculture to non-agriculture should be high.
Speaking on a valedictory address at the National Consultation on ‘Jawaharlal Nehru National Urban Rural Mission (JNNURM): Developing Inclusive Cities’, he said land conversion rates in Indian real estate sector is very low in most of the states, and it should change if the country wants to raise money for the poor people.
On talking about how much charges will go up, he said that rests with the states to decide how much they want to raise the charges. This increase in land conversion rates will be excluding the internal and external charges that an Indian real estate builder has to pay.
Welcoming the contribution from the Indian real estate industry, Reddy said developing a posh apartment or enclave does not help the poor urban construction workers and that the Indian real estate industry should realize that they have a social obligation towards these poor people.
This rise in land conversion rates will further compound the problems for all those people who want to buy houses. Moreover, it’s not just the house buyers who are hit by the new development as stated by the Union Minister, but even the Indian real estate developers to expected to face the brunt.
The urban development ministry has also proposed to make it necessary for real estate builders to build 35 percent of the houses for the poor at their own cost. This proposal has already been incorporated in the Delhi Master Plan 2021.
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