The recently concluded 16th National Real Estate Development Council (NAREDCO) National Convention, themed "Fostering Trust with Transparency: Pathway 2047," has yielded significant outcomes, providing a roadmap to shape the future of India's housing landscape. The two-day event, held from 2nd to 3rd February 2024, witnessed critical discussions and proposed strategic measures by the governing council, NAREDCO members, key stakeholders from the real estate and construction sector.
President of NAREDCO, G. Hari Babu, set the tone by stressing the urgent need for "All India Master Plans" and "All India State Plans" to develop Green Field Cities. He articulated, "India critically needs these plans by the time it grows into a 30 trillion Dollar Economy by 2047. This would be the primary requirement for the growth of the Indian Real Estate and Construction Industry."
He also stressed the importance of reducing interest rates for housing and affordable housing projects, demanding a decrease from existing 8 to 9 per cent to 6 and 6.5 per cent. He stated, "Reduction in interest rates is the primary requirement for the growth of the housing sector."1
Addressing the malpractice of underquoting prices during tenders, the Minister of State for Housing and Urban Affairs, Shri Kaushal Kishore, emphasized the critical need for NAREDCO to champion transparent practices.
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- 1. In tune with this vision, Chairman NAREDCO, Dr. Niranjan Hiranandani, urged the adoption of a "Rental Housing Policy" in India. He stated, "In the proposed Rental Housing Policy, institutions like Centre and State Governments and Financial Institutions, including RBI, could contribute to fructify the proposal." The emphasis was on learning from successful models, such as that of the USA, where 50 per cent of the populace prefers rental housing.