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Competition Commission's Penalty on DLF and Likely Effects on Indian Real Estate Industry
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The government also encouraged the real estate sector by introducing various preferential programs. According to Aniruddha Joshi (Joshi), executive director of Hirco Group9, as major banks in India were state owned, they typically had lending targets imposed by the government to provide the required financial assistance to both developers and customers. The preferential lending increased the demand and supply manifold for residential and commercial property across India. Factors like 100% FDI relaxation and infrastructure support and fiscal support to developers augmented supply in the Indian real estate market. Joshi opined, "the government is making credit available easily. The government has also come up with schemes for allowing mortgage interest to be written off of taxes. It has also come up with schemes which allow developers certain benefits when they build affordable housing."10 The real estate sector was one of the highest FDI attracting sectors. During 2010-11, the real estate and housing sectors received US$ 1.12 billion in FDI11. Many international players entered the real estate market, like Emaar, Ascendas, Keppel Land, etc. as also foreign investors like JP Morgan and Deutsche Bank, among others.12 The market for residential units occupied a major share with 90-95% of the real estate construction activity in India. The commercial segment occupied 4-5% of the market and organised retail 1%.13
5] Mohit Malukani, "India's Construction Sector on Path to Growth, Diversification," www.ibtimes.com, September 28, 2010.
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