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Real Estate Sector Needs to Gear Up for New Housing Challenges Until 2029, With Rain Harvesting as a Core Element for Housing Projects: HUA Additional Secretary

New Delhi, June 14, 2024: Additional Secretary of the Ministry of Housing and Urban Affairs, D Thara, on Friday asked the real estate industry to completely gear up to meet housing-related challenges for the next five years by revisiting their old practices and preparing to invest in rain harvesting and creating play spaces for children in their housing complexes. Additionally, she emphasized provisioning for cool pathways powered by solar energy.

Speaking at the 3rd NAREDCO Mahi Convention on Friday, Thara also urged the real estate and housing industry to be prepared for constructing affordable housing as per the envisioned practices of the new NDA Government led by Prime Minister Modi.

According to her, the political establishment and the political class of the present dispensation are so clear in their ideas that the modern bureaucracy is well-positioned to implement and execute the government’s policies, particularly for social upliftment.

In future housing projects, the real estate sector would need to create walkable spaces and provision for parks, school-ways, and pathways powered by solar energy. Additionally, builders would need to incorporate ample rain harvesting and water resource management within the project site, rather than depending on water supplies from neighbouring locations, added Thara.

The Government would be satisfied and well-contented if its policies are well-implemented through a partnership spirit with the private sector since the current political class is very clear about its vision for the next five years, pointed out Smt. Thara.

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The Additional Secretary was also of the view that investment in rain harvesting projects should be a core infrastructure plan for the private sector in housing complexes, particularly in the affordable housing sector. Basic amenities such as plenty of space for children’s parks and safe walkways would be essential to counter the challenges of obesity, as present housing complexes hardly provide any space for walks, resulting in rising obesity among children living in such complexes.

Earlier, speaking on the occasion, President of NAREDCO, G. Haribabu, regretted that the real estate sector still does not have as many women entrepreneurs as required for its potential because their participation is still about 8-10%, whereas in other professions such as medical and nursing, women’s participation reaches almost 40% of the total capacity. Therefore, the time has come for each real estate player to consider increasing the enrolment of women in the real estate sector.

Chairman of NAREDCO, Dr. Niranjan Hiranandani, in his address, pointed out that in the first cabinet meeting of the new NDA Government, 3 crore housing units were cleared for the next five years, of which 2 crores would be built in rural areas, while the remaining 1 crore would be constructed in urban areas. This would give a new direction to the real estate sector for its all-around transformation. Dr. Hiranandani also proposed a project worth Rs. 25 thousand crores in and around Mumbai for the rehabilitation of slum dwellers and would shortly submit it to the Ministry of Housing & Urban Affairs in the presence of the Additional Secretary, seeking her support for its commencement.

Vice Chairman NAREDCO Rajan Bandelkar also appreciated the emphasis of the new Government to construct additional 3 crore housing units in the affordable housing sector pointing out that it would be another landmark to registering  higher growth not only in the Indian real estate sector but also in general to realize the ambition of prime minister Modi to making india a third largest economy in next few years 

President of NAREDCO Mahi, Dr. Ananta Singh Raghuvanshi, in her welcome speech, claimed that her association has been doing its best to promote the NAREDCO association and its Mahi branch throughout the country. She emphasized that rewarding women with versatile temperaments has continued to contribute to the growth of NAREDCO in general and, in particular, in making suggestions to the government for bringing about changes in policies for the real estate sector.

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