The real estate sector is one of the bellwethers of the Indian economy. It is also the highest employment generating sector in the country besides agriculture and contributes 7 percent to the country’s GDP
As some deadlocked projects are picked up by stressed asset managers, the sector can expect higher asset deliveries and a higher degree of expertise in the sector. This will bring new energy to sectors that currently have an average inventory overhang of 47 months in eight major housing markets, according to a recent October-December quarterly report on PropTiger.com
According to officials, the civic body is preparing a software on which the property owner will give details about his house/commercial unit, including the total area, previous tax payment records and address.