Realty sector will revive in coming yrs: Hiranandani
The real estate sector, which has witnessed a downfall after the rollout of Real Estate Regulatory Authority (RERA) and demonetisation is hoping to reorganise with new ongoing infrastructure projects that are providing better connectivity in the Mumbai Metropolitan Region.
Developers said with the government focusing on improvement of city’s infrastructure, the real estate sector will witness a massive growth in the coming years.
Elaborating on the current situation of the real estate sector, Niranjan Hiranandani, president of National Real Estate Development Council (NAREDCO), said, “There is a need to create more surpluses in the entire sector. Prime Minister Narendra Modi has dreamt of accomplishing housing for all by 2022. The government needs the private real estate sector to contribute but they will have to address all of the issues that are faced by developers. We are happy that the state government has accepted several recommendations made by the builders association and have addressed a lot of issues.
“However, there are some issues that have been faced by developers on a daily basis which needs to be resolved,” he said.
Hiranandani said the government needs to add more provisions in the real estate sector in order to increase urban infrastructure and achieve the target in the scheme on housing for all.
In addition, Hiranandani said allowing development on salt pan lands will create a massive housing stock for affordable housing.
“The scheme on housing for all aims to build 2.2 crore houses in urban areas and over 4 crore houses in rural areas. The challenge for developers is in urban areas due to increasing congestion. There needs to be more investment in urban areas on the real estate sector, he said.
The NAREDCO president added that the RERA regulators are not empowered to direct agencies, which issue important certificates, to fasten the process, thus not giving the right impetus on the realty sector.