As the three- month window given to states for notifying RERA (Real Estate Regulation & Development Act), especially in view of ongoing under-construction projects, expires in July, the stage is set for the transformation of the real estate and housing as a matured, professional, organised and transparent sector, much to the advantage of all the stakeholders.

This is an era of ‘Partivartan’ – time for some revolutionary changes! India has started campaigning for a multi-colour revolution referring to a second green revolution with protein-rich pulses, a white revolution with cattle and livestock, a saffron ‘energy’ revolution with solar energy, and a blue revolution on clean water and the welfare of the fishermen. Among these, Green and White Revolution have already influenced the live of the Indian to a great extent. As far as food security is concerned, India cannot compromise on food self-sufficiency and there has to be a number of short-term as well as long-term initiatives to be taken.

In its seven decades of journey since independence, the real estate and housing sector, has come a long way from early years of restrictive policies, deficient planning and highly inadequate resources, to reach a progressive, planned, organised and reformative stage, facilitating urban transformation and speedy economic growth.

India’s economic advancement in the past 70 years is one of the most fascinating success stories. Faced with multiple woes, ranging from near absence of infrastructure to almost everything needed for economic enhancement, India’s odyssey towards economic independence was dotted with challenges. It was the determination of our founding fathers who did not give up and build the country brick by brick. The concept of Five-Year-Plan was a great beginning in the right direction, with an emphasis on eradication of poverty and woes of farmers.

India, which accounted for 23 per cent of World GDP in the 18th century, became impoverished during nearly two centuries of British colonial rule. But it has come a long way since independence in 1947 to become a major emerging economy and World’s largest democracy. After 70 year of independence, India can be proud of its achievements, thanks to its visionary leaders.

Prime Minister in his Independence Day address in August 2014, announced the Prandhan Mantri Jan-Dhan Yojana as a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households of the country. Financial inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as low income groups and weaker sections in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.