Abu Dhabi: NAREDCO Conference Bolsters India-UAE Real Estate Ties
The National Real Estate Development Council (NAREDCO) recently hosted a conference in Abu Dhabi to strengthen ties between India and the UAE in the real estate sector. The event, titled 'India-UAE: Shaping Sustainable Futures: Innovation and Investment i
Real EstateIndiauaeNaredcoSustainable DevelopmentUrban PlanningReal EstateNov 27, 2024
The conference brought together a diverse group of participants, including government officials from both countries, industry leaders, and experts. Key discussions centered on innovative solutions and investment strategies to promote sustainable urban development.
Mohamed Ebrahim Al Mansoori, Director General of the Sheikh Zayed Housing Programme and Minister’s Advisor for Engineering Affairs at the Ministry of Energy and Infrastructure, UAE, highlighted the UAE's commitment to sustainability and urban innovation. He mentioned that the UAE has reduced its non-oil GDP by 8% and achieved a homeownership rate of 91% by the end of 2023. 'These achievements are a result of financial sustainability and progressive policies,' Al Mansoori stated. 'By sharing our experiences, we can create eco-resilient cities that inspire the world. India’s rapid urbanization presents immense opportunities for collaboration, and together, we can build a future defined by sustainable innovation.'
Kuldip Narayan, Joint Secretary and Mission Director (Housing for All) at the Ministry of Housing and Urban Affairs, emphasized the scale of India's housing mission. He spoke about India's efforts in recent years to construct millions of affordable homes. 'Our next target is to build 10 million homes in just five years, doubling the speed of delivery,' Narayan said. 'However, the scale of urbanization in India demands even greater efforts. Greenfield city development and innovative urban planning are crucial to align our infrastructure with the country’s economic growth, which is projected to grow at 7-8% annually over the next 20 years.'
Narayan also stressed the importance of a robust regulatory framework to drive progress. 'Real estate plays a crucial role in economic growth and societal development. Streamlining the single-window interface for approvals can significantly facilitate ease of doing business. We must embrace best practices from countries like the UAE to create urban environments that are sustainable, inclusive, and future-ready.'
G Hari Babu, President of NAREDCO, underscored the significance of the India-UAE relationship. 'India and the UAE are the best friends in the world today. This conference is a platform for us to take important lessons in sustainable urban development back home. India’s housing journey has evolved from providing basic homes to affordable, sustainable, and now luxury housing for all. Cities like Hyderabad are seeing apartments worth 20-25 crores, reflecting the remarkable growth of our real estate sector.'
Niranjan Hiranandani, Chairman of NAREDCO, highlighted the substantial contributions of the real estate industry to India’s economy. Currently, the sector accounts for an estimated 7% of the GDP and is projected by Niti Aayog to expand to 15% as India approaches a USD 5 trillion economy.
The conference provided a valuable platform for stakeholders to share insights and collaborate on sustainable urban development, marking a significant step towards strengthening India-UAE ties in the real estate sector.
Frequently Asked Questions
What is the main objective of the NAREDCO conference in Abu Dhabi?
The main objective of the NAREDCO conference in Abu Dhabi is to strengthen ties between India and the UAE in the real estate sector by discussing innovative solutions and investment strategies for sustainable urban development.
Who are the key participants in the conference?
The key participants in the conference include government delegates from India and the UAE, industry leaders, and experts in the real estate sector.
What achievements did the UAE highlight in terms of sustainable urban development?
The UAE highlighted its reduction of non-oil GDP by 8% and achieving a homeownership rate of 91% by the end of 2023, attributing these achievements to financial sustainability and progressive policies.
What are India’s targets in the housing sector for the next five years?
India’s target is to construct 10 million homes in the next five years, doubling the speed of delivery, and to focus on greenfield city development and innovative urban planning to align with the country’s economic growth.
How does the real estate sector contribute to India’s economy according to NAREDCO?
According to NAREDCO, the real estate sector currently contributes about 7% to India’s GDP and is projected to expand to 15% as India approaches a USD 5 trillion economy.
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