In a recent conference in New Delhi, Naredco, the National Real Estate Development Council, made a compelling case for the government to bolster the affordable housing segment and incentivize the development of rental accommodations. The association's leadership, including President Parveen Jain, underscored the critical role that affordable housing plays in realizing the government's ambitious 'Housing for All' initiative. It was highlighted that an increase in affordable housing not only meets a pressing social need but also stimulates growth within the broader real estate sector.
During his address, Jain called for a comprehensive review and enhancement of the Real Estate (Regulation and Development) Act (RERA), which has been instrumental in promoting transparency and accountability within the Indian property market. He argued that while RERA has made significant strides, further strengthening of the law is necessary to ensure its effective implementation across all states. This, he believes, will build greater consumer confidence and attract more investment into the sector, particularly in affordable housing.
Moreover, Jain advocated for the government to provide incentives for the rental housing market, emphasizing its importance in accommodating diverse population groups and easing the strain on the housing market. He also highlighted the necessity of a single-window clearance system to streamline project approvals, thereby reducing bureaucratic delays that can stifle development. According to Jain, clear, stable, and transparent policies are essential for attracting both domestic and international investments in the real estate sector.
Naredco Chairman Niranjan Hiranandani echoed these sentiments by pointing out a concerning trend: the share of affordable housing within total sales volumes has decreased. He urged that without a concerted effort to revitalize this segment, the objectives of affordable housing could be jeopardized, impacting overall market health. As the real estate landscape continues to evolve, the call for government support through incentives and policy reforms becomes ever more critical in achieving the dual goals of housing accessibility and sectoral growth.