Naredco seeks faster approval for real estate projects to boost supply

Naredco seeks faster approval for real estate projects to boost supply

Realtors' body NAREDCO on Friday demanded that the government streamline the approval process for development of real estate projects to boost supply of housing and commercial properties.

National Real Estate Development Council (NAREDCO) also announced the 17th edition of its flagship National Convention, which will be held during August 29-30 in the national capital. The convention's official logo was unveiled by Delhi Chief Minister Rekha Gupta.

In a press conference held here, NAREDCO Chairman Niranjan Hiranandani expressed concern over fall in sales of affordable housing because of several factors, including high land cost that makes development of low-cost homes very difficult for private builders.

He also spoke about huge shortage of skilled workforce for construction of real estate projects and suggested need for collaboration between the government and industry associations to train unskilled workers.

‘At one end we have a problem of unemployment and at the other end we have shortage of skilled workers,’ Hiranandani added.

NAREDCO President G Hari Babu demanded that the central and state governments streamline the approval process for real estate projects as this would result in faster development with reduced input costs.

He also pointed about delays in getting registration certificates from real estate regulatory authorities to launch projects.

On the affordable housing, Hari Babu stressed on the need to focus on slum redevelopment across all states to free land parcels for development of real estate projects.

‘Land is a problem for private real estate developers, not for the government,’ he quipped.

On the upcoming convention, Hari Babu said more than 1,000 people are expected to participate in the two-day event.

‘The sector's ability to attract global capital, improve last-mile project delivery, and serve end-users depends on how quickly we resolve policy friction points like delays in approvals, inadequate rental frameworks, and high construction input costs,’ the NAREDCO President said.