DELHI: “Real Estate has emerged as an increasingly strategic domain that influences various strata of society” said Dr Girija Vyas, Hon’ble Minister of Housing and Urban Poverty Alleviation, Govt of India at CII’s REALTY 2013 – 9th edition of Real Estate Conference today in New Delhi.
Dr Vyas added that 21st century is widely known for century of urbanisation for Asia and Africa and India’s population would reach to 590 million by the year 2030, it is expected that 70% of the net new jobs would be created in Indian cities contributing to 70% of the country’s GDP leading to significant rise in per capita income.
Dr Vyas emphasized on Affordable housing which is of utmost need today and explored major initiatives of Government of India like JNNURM, Rajiv Awas Yojna, Rajiv Rinn Yojna and Affordable Housing in Partnership Scheme for providing affordable housing for urban poor. Speaking on regulatory issues, Minister said that Real estate (Regulation and Development) Bill 2013 has been approved by cabinet and will be introduced in the Parliament which will bring transparency towards in contractual obligations. Dr Vyas said that we need to work together and have regular dialogues on overcoming the existing issues in the Real Estate Sector growth.
Jayant Davar, Chairman, CII Northern Region said that Real estate sector has set a trend for higher growth and its contribution to GDP growth is applauding and creating millions of job opportunity in country. Davar said that Land acquistion bill will help to provide fair compensation to people affected. Davar also said that we need to draw a raodmap jointly with Government to eradicate the existing issues of this Sector.
Present at the conference Anil Kumar Misra, Secretary, Ministry of Housing and Urban Poverty Alleviation,GoI said that India is in the process of rapid urbanisation accounting 51% urban and will continue to grow higher with high density. Misra added that past 15 years has shown magnificent growth in the Real estate and Housing Sector. Misra said that there is need of legal platform that would provide transparency in the sector.To boost FDI in Real Estate Sector Misra recommended that requirement built up should be reduced. Misra higlighted the steps that Ministry has taken in laying schemes like RAY,RRY and AHP for the benefit of the urban population and real estate sector. Misra also said that concession development charges,services tax and direct tax exemption is a part of this scheme benefitting real sector. Misra said that we have been working tirelessly for the urban poor and economically weak people by funding them through various government schemes.
V P Baligar , CMD, Housing & Urban Development Corp.(HUDCO) said that Urban population has increased to 377 million in 2011 compared to 62.4 in 1951 with an increase in level of urbanisation from 17% in 1951 to 315 in 2011. Baligar said that demand for residential real estate has been increased tremendously adding growth wings to ancillary industries,generating employment and act as an engine of economic growth. Baligar also said that outstanding housing loan as a percentage of GDP has risen to 9% and Mortgage to GDP ratio projected at 20% by 2020. Speaking at conference Baligar highlighted the challenges Real Estate housing facing currently like land related,Governance related, Finance and Developers & Construction related and stressed on incentivise and encourage private sector participation in “Affordable Housing” for urban poor.
Anshuman Magazine , Conference Chairman and Chairman & Managing Director ,CBRE South Asia Pvt. Ltd said that Real Estate plays a vital role in India’s GDP growth and has always been a major factor for overall growth of the economy. Anshuman opined that Retail and Housing sector can kick start economic growth and said that among other things, the Land Acquisition Bill would be a major game changer for Real Estate Sector in coming days.
Juno Madan, Chairman, Brahma Group said that Indian Real estate as one of the most prominent business sectors which need to redefine and work on various aspects including Government approvals and clearances, provision of Tax breaks as well as financial assistance which will help provide robust demand and attract investors from India and abroad.
Zubin Irani, Deputy Chairman, CII Northern Region while presenting Vote of Thanks said that Real Estate Sector promises to grow in the coming years which will definitely contribute towards raising the growth graph of the country.
The conference marked the presence of eminent speakers from United Technologies Corporation,3C’s, SARE Homes,Mahindra Lifespaces, Walker, Chandiok & Co, WestCourt RE,Lotus GreensDLF Ltd, Wave Infratech,Hines,Select Group, Pav Law Offices, Ambience Group
The Conference was well attended by over 150 participants from Real Estate sector including builders, developers,construction, equipments manufacturers ancillary industry