Besides, Reduction in interest Rates in Housing Projects, NAREDCO Urges for Placement of “Rental Housing Policy” in India as in vogue in US.
New Delhi, 5th February 2024: National Real Estate Development Council (NAREDCO) on Friday urged the Union Government to consider “Rental Housing Policy” as well as “National and State Master Plans” for the Construction and Real Estate Sector. The twin purposes would enable India to smoothly move in the growth trajectory of construction sector as those who cannot afford to build their own houses can live in such units for good.
The NAREDCO also toyed with the idea of coming out All India Master Plan as well as All India State Master Plan so that planned Metro Cities come out throughout the country in the name of Green Field Cities.
President NAREDCO, Mr. G. Hari Babu came out with an exhaustive and comprehensive presentation during the 2 days 16th NAREDCO National Convention that begins here on Friday 2nd February 2024. In the presence of State Minister of Housing and Urban Affairs as well its Secretary Mr. Kaushal Kishore and Mr. Manoj Joshi respectively.
Mr. Babu has explained that India critically needs the All India Master Plans and All India State Plans to develop Green Field Cities by the time it grows into 30 Trillion Dollar Economy by 2047 and even earlier as that would be the primary requirement of Indian Real Estate and Construction Industry for the growth of the country.
Presently, on account of legitimate and useful Urban Planning, India has moved a little in terms of the growth of the cities and this makes critical for India to have the proposed Master Plans so that proper development is ensured for Urban India as this would be the center for growth. It may be mentioned here that with each passing days the urban India is constricted with influx of migration from rural India and it becomes all the more important that such master plans are put in place as are required for suitable growth of all Metro’s, concluded President NAREDCO.
However, on the rental housing policy the Chairman NAREDCO, Dr Niranjan Hiranandani held that in developed country like USA, the rental housing policy is so successful that 50 percent of its populace prefers to live in in such utilities the occupant survives and if India begins preparation to adopt such a model it would be economic as well as prudent because those that cannot afford their own housing units can sustain their livings in rented properties.
Dr. Hiranandani informed that NAREDCO has already mooted this idea with the Minister of Housing and Urban Affairs some time ago. Both the Chairman and President of NAREDCO also stressed that in the proposed Rental Housing Policy, those institution can contribute to fructify the proposal could include Centre and State Governments and most of Financial Institutions including RBI.
The NAREDCO also demanded that the interest rates for the housing and affordable housing projects should come down from existing 8 to 9 percent to 6 and 6.5 percent as would happen a couple of years ago to boost housing activities. The interest rates have shot up due to multiple factors and if housing sector has to register a growth as being visualized by the current government reduction in interest rates would be the primary requirement.
