As an indication of
their intent to restore growth, the Central Government and National Real Estate
Development Council (NAREDCO) have drafted a blueprint to help boost the real
estate sector.
On Government’s part,
the seriousness behind the intent is visible clearly as Dr. Girija Vyas,
Minister of Housing and Urban Poverty Alleviation, seem to be leading the
initiative personally.
Among the first steps
taken is to enhance the presence of Government’s representatives on the
Governing Board of NAREDCO. The larger representation of senior Government
officials on NAREDCO’s Governing Council is aimed at establishing a better
connect with the leaders of the sector, thereby facilitating a closer
coordination in formulating policy and other initiatives.
NAREDCO has also
announced that Mr. Navin Raheja has been elected as its Chairman and Mr. Sunil
Mantri would be its new President. The announcements were made at the Annual General
Meeting recently.
Mr. Navin Raheja, the
newly appointed Chairman commented, “we are grateful to the Government and the
Hon’ble Minister Dr. Girija Vyas for these steps. This will help establish a
seamless channel of communication between government & the industry
players. Not only will the industry find its voice in the formulation of
policies and other initiatives, this will also help the industry to understand
the compulsions & priorities of the government too”.
“Indeed, the real
estate sector is facing severe challenges” said Mr. Sunil Mantri, President,
NAREDCO. “The market conditions are tight. The liquidity crunch is getting
worse and beginning to hurt every stakeholder, including the buyer. Also, there
is a serious need for a better consistency & alignment in some of
government’s policies”.
Mr. Sunil Mantri
further shared that NAREDCO is working closely with the government on a number
of vital issues. Enhancing liquidity into the sector is perhaps the most urgent
challenge.
“We want the
government to grant us the industry status. The Union Government needs to take
urgent steps to help us get single-window clearances for our projects across
India. There is an acute shortage of trained manpower in the sector. The real
estate sector needs government support to upgrade technology. We are happy that
the government is extending its full support in resolving all these issues” he
concluded.
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DHEERAJ MISHRA
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