Revival of Real Estate Sector, Govt’s Top Priority Say Ravi Shankar Prasad, Reiterates CEO Niti AAYOG

New Delhi, August 20, 2016: The Government on Friday promised many more incentives for the well being of construction and real estate sector provided it becomes much more proactive and sensitive to construct low cost housing with high quality for intended beneficiaries. It has also claimed that with additional incentives, the government and real estate developers will be able to provide dwelling units to all by 2022 as desired by Prime Minister Modi.

Inaugurating the 13^th National Convention on a theme “India is Future Ready: Housing & Infrastructure-Key Catalysts” under aegis of NAREDCO here today, The Minister of Law & Justice, Electronics & Information Technology, Mr. Ravi Shankar Prasad, besides making the aforesaid observations also said that the government wanted the real estate developers to come out with a definitive agenda for their projects development so that their credibility is restored and the ongoing trust deficit between the real estate consumers and developers is bridged.

The Minister also disclosed that with new government in place, hung up projects for decades worth Rs.15 lakhs of crores have been cleared off for execution under the direct monitoring of the Prime Minister of India.

“90 per cent of the developers and builders have good track record but there are few that needed to become more responsible and accountable as with this the credibility factor would further cement and the trust of consumers in their projects is restored. The government has completely reformed and modified the real estate and construction sector from many point of view in terms of policy perspective including liberalized the FDI regime for it. However, in case, the developers feel that some more corrective measures are needed to be put in place, the government will be responsive with one single factor that it want them to be executing their projects within a definite time frame”, said Mr. Prasad.

Speaking on the occasion, CEO of NITI Aayog, Mr. Amitabh Kant declared that the Aayog was coming out with new policy package for the real estate and construction sector so that the housing project of the Prime Minister is accomplished and demand and economic activities are accelerated in cement, steel and other related sector as with increasing urbanization, India would be rebuilt with more focus on its urban planning.

He regretted that until now the focus of the policy makers has been more on rural upliftment for upgrading its infrastructure and agriculture sector whereas, the urban planning has not yield it the desired results nor the transformation of rural sector happened. Therefore, the need of hour is to plan the urban India for its complete catapult as also creation of jobs, he added.

Minister of Railways, Mr. Suresh Prabhakar Prabhu who addressed the conference through video conferencing facilities asked the real estate developers present on the occasion to come forward and participate in re-building close to 400 railway stations across the country to cater to the emerging requirement of modern times.

Minister of State (IC) for Planning, Urban Development and Housing & Urban Poverty Alleviation, Mr. Rao Inderjit Singh in his observations felt that the UPA government has made urban planning much more simplified as also put in proper procedures in place for not only planning but also poverty alleviation. Many more such steps would follow in terms of policy announcements as India progresses.

Minister of Finance, Revenue and Disaster management, Excise and Taxation, Planning, Law and Legislative, Rehabilitation, Haryana, Cap. Abhimanyu Singh Sindhu who also spoke on the occasion listed out the achievements of the government of Haryana under the new regime saying that it would continue to take pro-active decisions in all areas of governance and make sure that the infrastructure sectors attains maximum attention of the government so that the housing and real estate sector revives.

In his welcome remarks, President, NAREDCO, Mr. Praveen Jain said that initiative to develop Real Estate (Regulation and Development) Act into effective regulatory authorities at the state levels through adherence to modern building bylaws and effective ethical marketing have started bearing fruit and sanguine that the national housing. Infrastructure and construction sector will fulfil the government’s mission to provide housing for all by 2022.

Among others who spoke on the occasion comprised, Minister for Municipal Administration and UD, IT, Industries and Commerce, Telangana, Mr. K T Rama Rao; Chairman, NAREDCO, Mr. Rajeev Talwar; Head of Infrastructure, Government and Healthcare Sector, KPMG in India, Mr. Utkarsh Palnitkar.

Corporate Comm India(CCI Newswire)