PMAY(U) sanctions more than 1 crore houses in 4 years: Amrit Abhijat, Joint Secretary, MoHUA

·     RERA has brought back the confidence of buyers in the market: KK Khandelwal, Chairman, Haryana Real Estate Regulatory Authority

NEW DELHI, 24 January 2020: Mr Amrit Abhijat, Joint Secretary & Mission Director (HFA), Ministry of Housing and Urban Affairs, Government of India, today said that the Pradhan Mantri Awas Yojana (Urban) has sanctioned more than one crore houses since inception.

Speaking at the 13th Edition Annual Real Estate Summit 2020, organised by FICCI on the theme – Ushering Indian Real Estate to Growth Trajectory, Mr Abhijat said that PMAY(U) is one of the flagship programs of the government and it is aimed at providing ‘Housing for All’ by 2022, when the nation completes its 75 years of Independence.

“The PMAY(U) mission has achieved a remarkable milestone by sanctioning more than one crore houses in a span of about 4 years,” he said.

Mr Abhijat gave a snapshot of the real estate sector and affordable housing, and how they contributed to the GDP of the country. He also highlighted key initiatives of the government in the sector to support the private players.

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He released FICCI-ICRA Report on Affordable Housing during the event.

Earlier during the inaugural session, Mr KK Khandelwal, Chairman, Haryana Real Estate Regulatory Authority, Government of Haryana, said that the Real Estate (Regulation and Development) Act, 2016 (RERA) has brought back the confidence of the buyers in the market and this trust will gradually strengthen.

Flagging the issue of multiple regulators in real estate sector, Mr Khandelwal said that the industry has to somehow pressurise the government for having a single regulator as multiplicity of forums is creating problems and neither the buyers nor the promoters are happy with the situation.

“There has to be a single regulator or if one complete code cannot be evolved for the sector then at least for one kind of problem there should be only one forum. At times, a case is going on at all three places – RERA, NCDRC and NCLT,” he noted.

Mr Khandelwal released FICCI-Colliers Report on Emerging Trends in Real Estate – Technology and New Assets Classes during the opening session.

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Mr Sanjay Dutt, Joint Chairman, FICCI Real Estate Committee, and MD & CEO, Tata Realty & Infrastructure Ltd, said that there is lot more positive happening in the real estate sector and lot of capital chasing opportunities in Indian real estate market.

Mr Raj Menda, Joint Chairman, FICCI Real Estate Committee, and Corporate Chairman, RMZ Corp, said that the country would do well to initiate private REITs as there are large number of pension and sovereign funds looking to invest in long term.

FICCI-ICRA Report on Affordable Housing said that the PMAY mission is clearly addressing the core issue of the national housing shortage in a systematic manner. Going forward, it suggested following measures: 1.      Release of idle government land to address issue of land availability, especially near urban centres Advertisement 2.      Development of social infrastructure and connectivity for peripheral land parcels 3.      Expedited clearance and approval process to further encourage private sector participation 4.      Eased availability of funding for project finance

FICCI-Colliers Report on Emerging Trends in Real Estate – Technology and New Asset Classes Advertisement The real estate sector has evolved over the last decade with constant change in the business environment bringing new disruptions. These changes have altered the way we work, shop and live, and it is technology that is enabling this change. Over the next decade, we expect to see technology mould the decisions of the major stakeholders, the report said. The report discusses the three major changes impacting the real estate sector and how developers, occupiers and investors can enhance their decision. These changes are AnyTech (driven by internet, automation, cloud computing and artificial intelligence), Amentisation (aimed at elevating tenant experience) and Flexible workspace.