Ministry of Housing and Urban Affairs Urges Real Estate Sector to Tackle New Housing Challenges by 2029 with Rain Harvesting as Core Element

New Delhi, 17th June 2024: Additional Secretary of the Ministry of Housing and Urban Affairs, D. Thara, on Friday urged the real estate industry to fully prepare to meet housing-related challenges for the next five years by revisiting their old practices. She emphasized the importance of investing in rain harvesting and creating play spaces for children in their housing complexes. Additionally, she highlighted the need for cool pathways powered by solar energy.

Speaking at the 3rd NAREDCO Mahi Convention, Smt. D. Thara also encouraged the real estate and housing industry to gear up for constructing affordable housing in line with the new NDA Government’s vision led by Prime Minister Modi.

According to her, the political establishment is clear in its ideas, allowing the modern bureaucracy to effectively implement and execute the government’s policies, particularly for social upliftment.

Future housing projects must include walkable spaces, parks, school-ways, and pathways powered by solar energy. Builders must also incorporate ample rain harvesting and water resource management within the project site, rather than relying on water supplies from neighboring locations, added Smt. Thara.

The Government would be satisfied if its policies are well-implemented through a partnership with the private sector, as the current political class has a clear vision for the next five years, pointed out Smt. Thara.

The Additional Secretary emphasized that investment in rain harvesting should be a core infrastructure plan for the private sector, especially in the affordable housing sector. Basic amenities such as ample space for children’s parks and safe walkways are essential to counter the challenges of obesity, as present housing complexes often lack such spaces, contributing to rising obesity among children.

Earlier, President of NAREDCO, G. Haribabu, expressed regret that the real estate sector still lacks sufficient women entrepreneurs, with their participation at about 8-10%, compared to nearly 40% in other professions like medical and nursing. He urged the real estate sector to increase the enrollment of women.

Chairman of NAREDCO, Dr. Niranjan Hiranandani, highlighted that in the first cabinet meeting of the new NDA Government, 3 crore housing units were approved for the next five years, with 2 crore units to be built in rural areas and 1 crore in urban areas. This initiative aims to transform the real estate sector comprehensively. Dr. Hiranandani also proposed a Rs. 25,000 crore project around Mumbai for the rehabilitation of slum dwellers, which he will shortly submit to the Ministry of Housing & Urban Affairs, seeking the Additional Secretary’s support.

Vice Chairman of NAREDCO, Rajan Bandelkar, praised the government’s emphasis on constructing 3 crore additional housing units in the affordable housing sector, noting that this will drive significant growth in the Indian real estate sector and help achieve Prime Minister Modi’s ambition of making India the third-largest economy in the coming years.

President of NAREDCO Mahi, Dr. Ananta Singh Raghuvanshi, in her welcome speech, highlighted the association’s efforts to promote NAREDCO and its Mahi branch nationwide. She emphasized that recognizing the versatile contributions of women continues to drive the growth of NAREDCO and contribute to policy changes in the real estate sector.