NAREDCO Foundation Day - A Tribute to the Indian Real Estate Industry

On the occasion of Naredco's 24th anniversary, Chatterjee emphasised the need of focusing on "3 Ts:" transparency, trust building, and time adherence. Transparency would involve online disclosures, accountability, and allowing homebuyers to make educated decisions, according to Chatterjee, who added that creating trust would bridge the trust gap with homebuyers and establish a comprehensive grievance redress process.

Gautam Chatterjee, founder and chairman of MahaRERA, said that as the Indian real estate market recovers from the epidemic lows, the industry should prioritize the timely completion of projects and the implementation of technology to gather data for better planning.

He was speaking at a webcast commemorating Naredco's Foundation Day. Naredco is a premier real estate organisation that began operations in 1998 under the direction of the Ministry of Housing and Urban Affairs.

On the timely completion of projects, he also emphasised that developers and industry organisations like Naredco should properly manage strained projects towards completion. Noting that big inventories are often the result of poor planning and a lack of data, the industry should use technology to generate reports using industry data.

Dr. Niranjan Hiranandani, VC of Naredco, outlined the organization's accomplishments and milestones, stating that it has played a pivotal role in various government programmes, including the creation and execution of the Pradhan Mantri Awas Yojana (PMAY). He also said that Naredco's digital platform 'Housing For All' is a major milestone for the real estate industry.

Noting that the SWAMIH fund for last mile financing of stressed projects was beneficial for the industry and distressed homeowners, Dr. Hiranandani said, "We expect that additional last mile funding programmes would be developed." Even though over 1 crore dwellings have been sanctioned under PMAY, there remains an enormous possibility for the government and developers to offer affordable housing to slum residents in areas like Mumbai, he said."

In addition, he lauded the digitization of land in a number of states and expressed optimism that, in the near future, all records would be totally digitised.

In his webinar address, Rajan Bandelkar, president of Naredco, outlined three significant pledges for the industry's governing organisation and the sector.

"Let's make the real estate sector a respected business, since respect is earned by deeds, not words. He urged industry members to prioritise the demands of homebuyers and make the sector more customer-centric. The third objective is for Naredco to become the focal point for all the stakeholders in the real estate industry, including homebuyers, investors, and developers in the nation, and to become a nodal agency for addressing the difficulties experienced by the stakeholders as well as reorienting future growth."

Chairman Emeritus of Naredco Rajeev Talwar said, "Development of Enterprise and Service Hubs (DESH), which would replace the SEZ Act, would result in a $100 billion dollar investment in structures and a significant space for real estate companies to anticipate.

He also said that the persons and institutions who sponsored the project are members of the committee of creditors so that excellent developers have the opportunity to fulfil their commitments. "Talwar further said that constructing concrete dwellings for the expanding urban population would result in an investment of Rs 65 lakh crore and would also give concrete and well-constructed homes for those living in slums and shantytowns."