There is a need to reorient monetary policies aimed at encouraging home ownership in order to revive the demand for housing, DLF Chairman K P Singh said.

“We need to create an environment where people are encouraged to own a house at the beginning of their career, but not at the retirement age,” Singh said in his speech at the company's AGM on Friday.

Housing and real estate development is a unique industry and needs policies specifically framed to cater to its special characteristics.

“A major reorientation is called for in monetary policies aimed at encouraging home ownership by providing home loans/mortgages at affordable rates. This will not only revive demand and help achieve the target of ‘housing for all’, but will also give a boost to building activity,” Singh said.

"In order to realise the vision of ‘smart cities’ and ‘housing for all’, bold decisions and upfront reformations are needed in our urbanisation policy, monetary policy in the form of low costs finance for home buyers, availability of mortgage/reverse mortgage market and above all in the regulatory framework for real estate sector,'' he added.

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