CII-CREDAI meet focuses on realty growth revival in NCR

NEW DELHI: Government policies for affordable housing will be the key enabler for reviving growth in the real estate in the National Capital Region, said Karan Bir Singh Sidhu, Joint Secretary in the Ministry of Housing and Urban Poverty Alleviation. He was speaking at the inaugural session of the conference on real estate: ‘Reviving Growth for Real Estate in the National Capital Region’organised by the Confederation of Indian Industry & CREDAI NCR, here on Wednesday.

Sidhu said ‘Housing for All by 2022’ is also the key agenda of the new Government. Despite the visible benefits, he said, the housing sector was facing myriad challenges in terms of regulatory and policy challenges.

The real estate sector is the growth engine of the economy and also the economic contribution is projected to increase by double in 2025, said Zubin Irani, Chairman, CII Northern Region.

Delhi-NCR represents around 55 percent of the housing market, said Rohit Raj Modi, President-Elect, CREDAI NCR.  All NCR states are attractive investment destinations for real estate, he said and added that development authorities need to work on transparency, better governance and supportive regulations.

The inaugural session was followed by a special focus session on Delhi and Uttar Pradesh.

Addressing the session on Delhi, DDA Vice-Chairman Balvinder Kumar said the housing sector continued to witness huge redevelopment activity through revised Master Plan 2021. In order to cope up with the burgeoning urbanisation in the city, he said the new draft Master Plan 2021 seeks to create an urban extension area on the periphery of Delhi, which will see massive developmental projects

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Rama Raman, Chairman of Noida, Greater Noida Authorities and YEIDA, assured the builders that infrastructural development such as water and power will soon be provided to Noida extension. Noida is an outsourcing hub within the NCR. Locations like the Noida – Greater NOIDA Expressway have seen tremendous growth in the residential projects, owing to the high demand from commercial and IT/ITes developments in the vicinity, he added.

Santosh Kumar Yadav, Vice-Chairman, Ghaziabad Development Authority, was of the view that Ghaziabad is not explored in the right way. He also assured the investors that financial assistance will be provided to the projects and also dedicated power supply with no traffic jams will be available in the next three months. Yadav said in the next two to three years, Ghaziabad will be completely transformed.