In line with the 7th Pay Commission recommendations, the Modi-led NDA government decided upon an overall increase of 23.5% for one crore government employees. The announcement regarding the Union Cabinet’s clearance on the recommendation was made by Finance Minister Arun Jaitley on June 29, 2016 at a press conference. This has come as a ray of hope for the government employees and pensioners.
The 7th Pay Commission will also boost the Indian real estate industry. As the affordability and home loan eligibility of the public sector employees improves with increase in their salaries, they are expected show renewed interest in the real estate projects. Reports prove that immovable properties like real estate have been the favorite investment venture of government officials. And now that the overall urban spend will be improved, the increased demand for affordable homes in different parts of the country will shoot up. [Read more…]