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Working with RBI to address concerns plaguing real estate sector: Sitharaman

Union Finance Minister Nirmala Sitharaman at the silver jubilee celebrations of NSE in Mumbai on Tuesday. (PTI)

Taking cognizance of slowdown in real estate sector, Finance Minister Nirmala Sitharaman said on Tuesday that the prevailing sluggishness needs to be soon addressed. She said that the government is working closely with the Reserve Bank of India (RBI) to address issues plaguing the sector.

India’s housing market has been in the doldrums for long, battered by muted sales, piling inventory, stagnant-to-falling prices and an acute liquidity crisis. In the residential space, regulatory actions like demonetisation, Real Estate (Regulation and Development) Act (RERA) and goods and services tax (GST) have led to formalisation of the sector.

Sitharaman was speaking at an event to mark silver jubilee celebration of the National Stock Exchange (NSE). Congratulating NSE for completing 25 years, Sitharaman said, “The exchange then pioneered a critical role in the development of Indian Capital Markets by launching electronic trading 25 years ago, and now will have an equally important role to play for realizing the national dream of $5 trillion economy.”

To commemorate silver Jubilee celebrations of electronic trading of equity, NSE also announced that November 3 would be celebrated as the Retail Investor Day. The Retail Investor Day would be in alignment with NSE’s stated agenda and vision for financial inclusion which has resulted in one of the largest investor education and literacy programs in the country. Starting from schools and colleges to programmes for investors, for women, special groups like police and armed forces to senior citizens, NSE already covers over 500 districts and over 2,500 programmes every year.

Amongst those who participated at the historic occasion were industry leaders, bankers, mutual Fund CEOs and CIOs, intermediaries, and investors from finance sector.