NAREDCO’s 16th National Convention will Shape Realty’s Future in India: G Hari Babu

MUMBAI: The National Real Estate Development Council (NAREDCO) is set to host its 16th National Convention on February 2nd and 3rd, 2024, at Hotel Taj Palace in New Delhi. Themed ‘Fostering Trust with Transparency: Pathway 2047’, the convention aims to bring together key stakeholders, including government officials, industry leaders, and investors, to gain insights into the dynamics of growth and transformation in India’s real estate sector.

The convention will serve as a platform to explore various facets of the sector, focusing on adapting to new-age trends and technologies. It will feature insightful discussions on government support, affordable housing, the impact of RERA, financing options, technology integration, and investment opportunities, along with a dedicated session on India Vision@2047. The convention is supported by KPMG, which is also its Knowledge Partner.

G Hari Babu, National President of NAREDCO, “emphasized the importance of collaboration in unlocking the full potential of India’s urbanization. He stated, “By working together, we can create sustainable, liveable, and inclusive cities that foster business growth, promote social equity, and enhance the quality of life for all citizens. We look forward to fostering collaboration between the government and private sector stakeholders to ensure sustainability and pave the way for a thriving real estate industry that positively impacts the broader economy. Let us join hands to build a brighter future for India.”

Mr. Sandeep Runwal, President of NAREDCO Maharashtra said, “The real estate sector is crucial for Maharashtra and the country, driving economic growth and creating jobs. This national convention is a platform for discussing how real estate impacts our economy and how we can find new and smart solutions. It is not just about buildings – it is about creating a domino effect that boosts employment and supports ancillary industries. Together, we aim to come up with ideas that go beyond the usual, making sure our progress is sustainable and benefits everyone.“

Dr. Niranjan Hiranandani, Chairman of NAREDCO, “highlighted the convention’s role as a catalyst for transforming India’s real estate sector. He mentioned that the event would focus on issues such as liquidity crises, stressed assets, and insolvency while exploring policy reforms like the Rental Housing Policy and a commitment to net-zero goals. The importance of alternative financing through Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) was also underscored.”

Mr. Rajan Bandelkar, Vice Chairman of NAREDCO, “emphasized the real estate sector’s role as a crucial economic driver with a multiplier effect on employment and linkages with ancillary industries. He noted that the convention serves as a platform for networking, learning, and collaborative efforts, which are pivotal in unlocking India’s urbanization potential”.

In addition to discussions, NAREDCO will advocate for the government’s proactive role in promoting affordable housing. It will request the introduction of a home loan interest rate subvention scheme and demand concessions in the prices of construction materials, such as cement and steel, for affordable housing projects. These measures aim to incentivize and facilitate the development of the much-needed affordable housing segment.

NAREDCO, the apex body of the real estate sector under the Aegis of the Ministry of Housing and Urban Affairs, Government of India, is dedicated to promoting transparency and accountability in the housing and real estate sector. The convention will feature prominent leaders, including the Hon’ble Minister of Housing and Urban Affairs, as Chief Patron, and seven Joint Secretary-level Officers from Central Government and Central Public Sector Undertakings (PSUs) on the Governing Council.