New Delhi : Speaking at the ASSOCHAM National Conference on Changing Dynamics of Real Estate for Viksit Bharat as the chief guest, Sanjeev Kumar Arora, Member, Haryana RERA stated that how this sector is serving to the noble service to people and by getting involved in real estate and construction, it is contributing to social satisfaction on a larger level. Providing dream homes to home buyers and delivering value for money has made this industry significant.
Real estate sector has emerged as the key driver in building the economy. Real estate sector is the largest employment provider, which is 4% of the population in India, he said. Rapid urbanisation and launching smart cities, housing for all, FDI regulations relaxation will also boost this sector. He stated that the total FDI investment growing at 20% by 2025.
Arora, Member Haryana RERA talked about how the Govt introduced RERA Act 2016 which aims at transparency of the sector with disciplined growth and sustainability solutions. About 1,25,000 projects were registered under RERA in pan India since enactment. Complaints have been reduced significantly. A PPP model is introduced that focuses on greater projects for more disciplined and long-term growth. There is a need for rationalisation of lending rates so that more people can come forward and builders are happy to deliver at least possible cost.
In his welcome address Pradeep Aggarwal, Chairman, National Council on Real Estate, Housing and Urban Development, ASSOCHAM & Chairman, Signature Global (India) Ltd shared to achieve the goal of Viksit Bharat by 2047, housing and real estate sector needs a constant push and work which will also lead to employment. The vision is that every family will have a home and job opportunity as this sector is crucial to make India top economy. Real Estate is a 24 Lakh Crore market, and its GDP contribution is around 13.8%, he added. Under PM Awaas Yojna, 3 crore houses in rural areas are built and with government reforms like Credit linked subsidies, GST, RERA regime. He said under RERA after 2017,86% of projects were launched and delivered on time. This initiated the role of regulators in showing commitments and quality.
Vineet Relia, Director, Urbanbriq Development Management Pvt Ltd talked about changing dynamics in the real estate sector and how big surge in pricing is unpredictable. There was a time when the real estate sector used to thrive on a need basis but now it has shifted to upgradation and lifestyle choices. This made a huge impact on the developers to meet the demand with high end quality and gearing up for delivery time. There will be a downcycle if the government doesn’t support this sector in coming years with regard to affordability.
Sonal Mehta, Sr. VP-Strategy & Alliance, Resurgent India Limited shared her insights on growth perspective of the sector and how challenges of the field to be addressed with the right policies and reforms in the coming years.
The rising concerns about weather conditions in major metropolitan areas like Delhi NCR and Mumbai during the rainy season were brought up by Gaurav Jain, CEO of India Projects at Infracorp (Bahrain). He also discussed how infrastructure development plays a significant role in mitigating these scenarios with appropriate drainage systems. Infrastructure has become less important, and maintaining market standards and engineering foundations is crucial.
A joint knowledge report was unveiled by ASSOCHAM and Resurgent India Ltd titled ‘’Changing Dynamics of Real Estate for Viksit Bharat- Opportunities and Challenges’’
