With the rise in the salary of Central Government employees as per the Seventh Pay Commission, country’s real estate sector is expected to receive a major boost.
As per revised salaries rate of the Central Government employees the industry experts believes that this 7th Pay Commission implementation will bring a positive move and help government employees to buy their dream home with more disposable income.
This initiative will also contribute to the PM Narendra Modi nodal initiative ‘Housing for all by 2022’ and also stabilizes our economic growth. The demand is expected to be spread uniformly across India.
However, in order to boost the realty sector, the leading public sector banks are also welcoming this move by the govt and ready to offer finance for buying homes this time.
Due to the implementation of the 7th Pay Commission, this sector is experiencing an increase in demand across India’s more affordable cities. Although the pricier cities would not see much of an impact on this account, but the potential home buyers are looking primarily for low budget homes.
President of CREDAI Western U.P Mr. Manoj Gaur, also the MD of Gaursons India Limited said: “this 7th Pay commission will accelerate the speed of the economy. A big beneficiary would be housing sector, which would also help other ancillaries’ of real estate companies namely cement, tiles, and paints. But also impact the stocks.
Mr. Gaur also added that this hike in salary would make many government employees to afford their own houses; there would be a rise in house rent allowance, which will encourage property owners thereby creating supplies.
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