Saurabh Modi reviews the book ‘Land is a Big Deal: Why rent is too high, wages too low, and what we can do about it,’ and its proposal to levy a land value tax to make housing more affordable
PMAY is an excellent first step to put mechanisms in place for directly reaching the beneficiaries but it has to evolve so it stays relevant and can be scaled up going ahead.
Land and real estate markets in Indian cities have been overly regulated for a long time. Builders in India today are merely responding to incentives created by the current regulatory framework.