Naredco Advocates for Incentives in Affordable Housing and Rental Markets

Realtors' body Naredco has called on the government to promote the affordable home segment and provide incentives for the development of rental accommodation. This push aims to achieve the ambitious goal of Housing for All and boost the growth of the real estate sector. Addressing a real estate conference organized by the association, Naredco President Parveen Jain emphasized the need to further strengthen the Real Estate (Regulation and Development) Act (RERA).

The RERA has already brought transparency and accountability to the Indian property market. Jain highlighted the importance of ensuring the effective implementation of the RERA law across all states. He stressed the need for promoting affordable housing and making finance more accessible for both builders and homebuyers. Jain also pitched for incentives for rental housing and advocated for single-window clearance and timely approvals for real estate projects.

Jain noted that clear, stable, and transparent policies are crucial for attracting investments in the real estate sector. Naredco Chairman Niranjan Hiranandani pointed out that the share of affordable housing in total sales volumes has decreased. 'We need to create rental housing. We cannot rely only on ownership,' he said. Hiranandani emphasized that the development of affordable housing and rental homes is possible if the central and state governments provide policy incentives, such as the reduction of various taxes.

Hiranandani also spoke about the importance of promoting green real estate development. Naredco, with around 5,000 developers as members, is a prominent body in the Indian real estate industry. The organization's efforts to advocate for policy changes and incentives are crucial for the sustainable growth of the sector and the realization of the Housing for All initiative.

The real estate sector plays a vital role in the Indian economy, and the push for affordable and rental housing is seen as a key driver for economic growth and social development. By providing incentives and streamlining processes, the government can significantly boost the real estate market, making homes more accessible to a broader segment of the population.

The call for policy incentives and streamlined processes is not just about economic growth; it is also about ensuring that every Indian has a place to call home. The challenges in the affordable housing and rental markets are multifaceted, but with the right policies and support, the real estate sector can overcome these hurdles and contribute to a more inclusive and prosperous society.

Naredco's advocacy for these changes reflects the broader industry's commitment to sustainable and inclusive development. The organization's efforts are expected to have a significant impact on the real estate landscape, paving the way for a more transparent, accountable, and accessible market for all stakeholders.