Driven by BJP Government’s decision to provide Housing to all by 2022, India’s Housing Industry received a boost from the Affordable Housing segment. Other Industry-building initiatives like Credit Linked Subsidy Scheme and RERA improved transparency and built consumer trust. Affordable housing, means homes priced below Rs 50 Lakh, accounted for 71% of total launches. RERA (Real Estate Regulatory Authority) promised positive returns in the residential housing sector, by ensuring legally protected investments and commitment on timely delivery by developers.
10. Crackdown on Shell Firms
Demonetization and other measures taken by BJP Government to prevent money laundering, counterfeiting, hoarding and tax evasion claimed to have revealed over 3 Lakh shell companies. More than 2 Lakh companies were deregistered and their bank accounts frozen, for failing to comply with regulatory requirements. The Serious Fraud Investigation office investigated more than 1 thousand companies for violating the companies act. These shell firms were unearthed using artificial intelligence and data analytics and further measures are being taken to identify ultimate beneficiaries of these shell firms to bring them to justice.