“REAL ESTATE INFLECTION POINT: READYING FOR THE FUTURE”
Invitation – 15th National Convention and Exhibition
Dear Patrons & Colleagues,
NAREDCO’S heartiest greetings to all.
At the outset, NAREDCO congratulates the Union Government for exceptional performance in the past term and winning country’s support for the second term. In the past tenure, Government of India brought forth transformational reforms providing much needed impetus in propelling India’sposition on the global landscape and driving economic growth across all sectors.
The real estate sector continues to keep India’s growth engine running and its share is expected to reach nearly 13 per cent of the country’s GDP by 2025 and the market size of USD 1 trillion by 2030. A key driver for real estate, Housing for All 2022 mission delivered macro-economic gains while ensuring availability of affordable housing across urban centres. With the expected requirement of over 11 crores housing units; of which 6 crores shall be delivered by the Government; the opportunity for private real estate sector as an affordable housing enabler becomes significant. Major infrastructure programs such as Smart Cities, Industrial Corridors, etc. have been implemented to deliver the quintessential supporting infrastructure for sustained development momentum. Macro interventions for creating favourable business ecosystem for real estate have been brought forth. Ease of Doing Business campaign was focused on housing and simplified FDI norms were implemented for easing flow and involvement of foreign capital for the sector. Implementation of GST simplified tax structures and streamlined processes from foreign investors’ perspective; in effect enabling foreign investment. Demonetization indirectly changed the real estate sector structure, driving both industry consolidations and investor confidence. RERA implementation supplemented consumer confidence; channelling growing disposable incomes into real estate while meeting need emanating from rapid urbanization. Emerging industry disruptions like evolving co working, co-living, business models, con-tech, prop-tech technologies, digital business platforms and alternate real estate financing mechanisms such as REITs and INVits have further propelled growth within select segments of real estate sector in India.
The growth phenomenon riding on recent interventions brought with it a new set of challenges for the real estate sector. The traditional real estate financing cycles have been disrupted by the liquidity crisis. Growing insolvency, refinancing pressures and ineffective resolution processes have compounded the stressed assets situation. Implementation of real estate focused GST provisions have not seen implementation success in delivering outcomes expected by the sector. Policy reforms;such as Rental Housing Policy;offering potential to expedite affordable housing goals still remain on the anvil.Sector workforce skilling requiresa fillip to reach comparable world class standards.
India Real estate sector is at an ‘inflection point’. The promising future of real estate sector as a catalyst for meeting developmental &economic growth goals hinges upon application of new approaches and addressing of critical challenges encountered by the industry stakeholders.As the industry’s national representative, NAREDCO wishes to engage with Government and private sector stakeholders towards accomplishing the Government’s objectives, ensuring sector’s sustainability and exploring collaborative ways to overcome industry challenges and affecting the multiplier effect.
Harnessing the collective wisdom for unlocking real estate sector’s future potential, NAREDCO is organizing its 15th National Convention on 19th -20th August at Hotel Taj Palace, New Delhi. The convention seeks to invite eminent dignitaries, real estate sector leaders, emerging business pioneers, and subject matter experts comprising heads of central and state government,heads of ministries, departments & implementation agencies, key officials and bureaucrats, banking & financial institution leaders, digital and construction technologists, and private sector developers. The key objective is tocollaborate and deliberate strategies for evolving insightful solutions towards ‘future readying’ real estate sector in India.
It is our privilege to invite your participation to the convention and your valuable insights in making this a successful industry event.