'Affordable housing will drive growth in realty sector'

"Government policies for affordable housing will be the key enabler for the reviving growth in real estate in National Capital Region" said Karan Bir Singh Sidhu, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, Government of India at t
'Affordable housing will drive growth in realty sector'
“Government policies for affordable housing will be the key enabler for the reviving growth in real estate in National Capital Region” said Karan Bir Singh Sidhu, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, Government of India at the Inaugural session of the Conference on Real Estate: ‘Reviving Growth for Real Estate in the National Capital Region jointly organised by Confederation of Indian Industry (CII) & CREDAI NCR.
Housing for all by 2022 is also the key agenda of the new Government, added Sidhu. Despite the visible benefits, the housing sector is facing myriad challenges in terms of regulatory and policy challenges. The spiralling of growth can be attributed to the significant construction opportunities offered by the housing sectors, largely accentuated by the intensifying demand for the residential spaces in the ever expanding cities such as tier II & tier III cities, Sidhu further added.
The real estate sector is the growth engine of the Indian Economy and also the economic contribution is projected to increase by double in 2025, said Zubin Irani, Chairman, CII Northern Region & President-Building & Industrial Systems, United Technologies Corporation India Pvt Ltd. Irani was of the view that Delhi NCR markets are currently undergoing a trough phase in the real estate market cycle which also helps in reviving the growth in terms of real estate. The housing and construction sector is also one of the largest employment generator sectors.
Jyoti Prakash Gadia, Managing Director, resurgent India said that the real estate has now got an industry status. 30 per cent of the consumer saving goes to real estate, he further added. Gadia also opined that this is the right time to tap the investment opportunity in real estate. There are chances of appreciation in this sector, but now reforms to be initiated to reduce the land acquisition cost and also make affordable housing.
Delhi NCR represents around 55 per cent of housing market, as highlighted by Rohit Raj Modi, President Elect, CREDAI NCR & Director, Ashiana Homes Pvt Ltd. All NCR states are attractive investments destinations for the real estate. To discard the shortage of housing sector, not only private sectors, but also lots of policies and efficient surface transport are required. Also development authorities need to work on transparency, better governance and supportive regulations, further added by Modi.
The inaugural session was followed by special focus session on Delhi and Uttar Pradesh.
Delhi housing sector continue to witness huge redevelopment activity through revised Master Plan 2021, Balvinder Kumar Gupta, Vice Chairman, Delhi Development Authority (DDA) said addressing the Special Focus session on Delhi.
In order to cope with the burgeoning urbanization in the city, the new draft Master Plan 2021 seeks to create urban extension area on the periphery of Delhi, which shall see massive developmental projects. Some revised changes are - introduction of new chapter on environment, making provisions for multi modal transport, integration of various modes of transport, pedestrian guidelines to be notified, green building norms to be announced with additional 5 per cent FAR, cycle sharing facilities with multi stand, land pooling scheme to be notified in 45 days.
For affordable housing, 50 per cent additional FAR to be notified for redevelopment plan for group housing & various markets; provision of 15 per cent FAR for group housing flats will be notified, Mr Gupta added. He also highlighted that 292 slum areas to be redeveloped through Mumbai Plan.
Delhi real estate markets revive its growth through lots of redevelopment. Also the residential units being constructed here have certainly attracted the attention of construction majors, said Arjun Wallia, Chairman, CII Delhi State Council & Group Founder & Chairman, The Walsons Group & Securitas India.
Infrastructure development in Ghaziabad is very commendable, said Manu Garg, Managing Director, Landcraft Developers Limited. Affordable housing in real sense is available in Ghaziabad, but it is not preferred as investment destination by the most of the investors, added by Garg.
Santash Yadav, Vice Chairman, Ghaziabad Development Authority was of the view that Ghaziabad is not explored in the right way. He also assured to the investors that financial assistance will be provided to the projects and also dedicated power supply with no longer traffic jams will be available in the next 3 months. Mr Yadav also assured that in next 2 to 3 years down the line, Ghaziabad will be completely transformed.
Rama Raman, Chairman & CEO, Noida & Greater Noida Industrial Development Authority also assured the builders that infrastructural development such as water, power etc will be very soon provided to Noida extension.
Noida is an outsourcing hub within the NCR. Locations like the NOIDA – Greater NOIDA Expressway have seen tremendous growth in the residential projects, owing to the high demand from commercial and IT/ITes developments in the vicinity, he further added.
Pranay Sinha, Managing Director, STARCENTRES was of the view that Delhi micro-market is witnessing a lot of redevelopment projects. Residential real estate prices are expected to increase owing to the limited land supply available coupled with an increase in construction cost.
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