INDIAN NEWS & TIMES

Thursday, August 11, 2022

“Real Estate has emerged as an increasingly strategic domain that influences various strata of society” said Dr Girija Vyas, Hon’ble Minister of Housing & Urban Poverty Alleviation, Govt of India at CII’s REALTY 2013 – 9th edition of Real Estate Conference   in New Delhi

Dr Vyas added that 21st century is widely known for century of urbanisation for Asia & Africa and India’s population would reach to 590 million by the yr 2030, it is expected that 70% of the net new jobs would becreated in Indian cities contributing to 70% of the country’s GDP leading to significant rise in per capita income

Dr Vyas emphasized on Affordable housing which is of utmost need today and explored major initiatives of Government of India like JNNURM, Rajiv AwasYojna, Rajiv Rinn Yojna and Affordable Housing in Partnership Scheme for providing affordable housing for urban poor. Speaking on regulatory issues, Ministersaid that Real estate (Regulation and Development) Bill 2013 has been approvedby cabinet and will be introduced in the Parliament which will bring transparencytowards in contractual obligations. Dr Vyas said that we need to work togetherand have regular dialogues on overcoming the existing issues in the Real EstateSector growth

Mr Jayant Davar, Chairman, CII Northern Region said that Real estate sector has set a trend for higher growth and its contribution to GDP growth is applaudingand creating millions of job opportunity in country. Mr Davar said that Landacquistion bill will help to provide fair compensation to people affected. MrDavar also said that we need to draw a raodmap jointly with Government toeradicate the existing  issues of this Sector

Present at the conference Mr Anil Kumar Misra, Secretary, Ministry of Housingand Urban Poverty Alleviation,GoI said that India is in the process of rapidurbanisation accounting 51% urban and will continue to grow higher with highdensity. Mr Misra added that past 15 years has shown magnificent growth in theReal estate and Housing Sector. Mr Misra said that there is need of legalplatform that would provide transparency in the sector.To boost FDI in RealEstate Sector Mr Misra recommended that requirement built up should be reduced.Mr Misra higlighted the steps that Ministry has taken in laying schemes likeRAY,RRY and AHP for the benefit of the urban population and real estate sector.Mr Misra also said that concession development charges,services tax and directtax exemption is a part of this scheme benefitting real sector. Mr Misra saidthat we have been working tirelessly for the urban poor and economically weakpeople by funding them through various government schemes.

Mr V P Baligar , CMD, Housing & Urban Development Corp.(HUDCO) saidthat Urban population has increased to 377 million in 2011 compared to 62.4 in1951 with an increase in level of urbanisation from 17% in 1951 to 315 in 2011.Mr Baligar said that demand for residential real estate has been increasedtremendously adding growth wings to  ancillaryindustries,generating employment and act as an engine of economic growth. MrBaligar also said that outstanding housing loan as a percentage of GDP hasrisen to 9% and Mortgage to GDP ratio projected at 20% by 2020. Speaking atconference Mr Baligar highlighted the challenges Real Estate housing facingcurrently like land related,Governance related, Finance  and Developers & Construction related andstressed on incentivise and encourage private sector participation in “AffordableHousing” for urban poor

Mr Anshuman Magazine , Conference Chairman and Chairman & Managing Director,CBRE South Asia Pvt. Ltd said that Real Estate plays a vital role in India’sGDP growth and has always been a major factor for overall growth of the economy.Mr Anshuman opined that Retail and Housing sector can kick start  economic growth and said that among otherthings, the Land Acquisition Bill would be a major game changer for Real EstateSector in coming days.

Mr Juno Madan, Chairman, Brahma Group said that Indian Real estate asone of the most prominent business sectors which need to redefine and work onvarious aspects including Government approvals and clearances,  provision of Tax breaks as well as  financial assistance which will help providerobust demand and attract investors from India and abroad

Mr Zubin Irani, Deputy Chairman, CII Northern Region while presentingVote of Thanks said that Real Estate Sector promises to grow in the comingyears which will definitely contribute towards raising the growth graph of thecountry   

The conference marked the presenceof eminent speakers from United Technologies Corporation,3C’s, SAREHomes,Mahindra Lifespaces, Walker, Chandiok & Co, WestCourt RE,LotusGreensDLF Ltd, Wave Infratech,Hines,Select Group, Pav Law Offices, Ambience Group

The Conference was well attended by over 150 participants from Real Estate sector including builders,developers,construction, equipments manufacturers ancillary industry