Events

Timely project completion, technology adoption gain focus at NAREDCO Foundation Day

New Delhi, August 26, 2022: With Indian real estate bouncing back from the pandemic lows, the sector should focus on timely completion of projects along with adoption technology to collect data for better planning, said Gautam Chatterjee, Former Chairman of MahaRERA said on Friday.

The former chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA) was speaking at a webinar organised on the occasion of NAREDCO‘s Foundation Day.

On the occasion of 24 years of NAREDCO’s existence, Chatterjee emphasised on the need to focus on “3 Ts — transparency, trust building and time adherence”. Transparency would include online disclosures accountability and empowering home buyers to make informed choices, Chatterjee said, adding that trust building would bridge the trust deficit with the home buyers and set up a robust grievance redressal mechanism. He also stressed on the timely completion of projects that developers and industry bodies like NAREDCO should effectively deal with stressed projects towards their completion. Noting that many a time large inventory is based on faulty planning and lack of data, the industry should use technology to create reports based on industry data.

Outlining the achievements and milestone, Dr. Niranjan Hiranandani, Vice Chairman, NAREDCO said that the key industry body under the aegis of the Union Ministry of Housing and Urban Affairs played a key role in several schemes of the government including the formulation and implementation of the Pradhan Mantri Awas Yojana (PMAY). He also said that the ‘Housing For All’ digital platform of NAREDCO is a key milestone for the real estate sector.

Observing that the SWAMIH fund for last mile funding of stressed projects was helpful for the sector and the distressed homebuyers, Dr Hiranandani said “We hope that more funds will be created for last mile funding”. He also said that despite sanctioning over 1 crore houses under PMAY there is immense opportunity for the government and developers to provide affordable housing to slum dwellers in cities like Mumbai.

On the outlook for the sector, Dr Hiranandani added “In the next few years the opportunities for real estate growth is huge. He acknowledged that NAREDCO has helped in several aspects such as liquidity and reconciliation of issues in the sector.”

He also commended the digitisation of land being digitised in several states and hoped that in the near future all the records would be completely digitised.

Addressing the webinar, Rajan Bandelkar, President of NAREDCO set up a roadmap with three major commitments for the apex industry body and the sector.

“Let’s make the real estate sector a respectable industry and respect will come from action and not from words. Calling on the industry participants to focus on the needs of homebuyers, he said that it is important to turn consumer focused and make the sector more customer friendly.

The third target is that NAREDCO should take the centre stage for all the stakeholders in the real estate sector including home buyers, investors and developers in the country and turn into a nodal agency for resolving the issues faced by the stakeholders along with pivoting the growth going ahead.”

NAREDCO’s Chairman Emeritus Rajeev Talwar said “Development of Enterprise and Service Hubs (DESH) which would be replaced the SEZ Act would lead to $100 billion dollars investment into buildings and a major space to look forward to by the real estate players.

He also said that the individuals and institutions that had financed the project are part of the committee of creditors so that good developers get a chance to complete their promises.”