real estate news
Piyush Goyal Urges Realtors to Ensure Guaranteed ESIC and PF Registration for 7 Crore Workers
By GeoSquare News Desk · Published 2024-09-24
Commerce and Industry Minister Piyush Goyal has urged members of CREDAI to ensure 7 crore people employed in the real estate sector get a guaranteed ESIC and provident fund registration. This move aims to provide health coverage and pension for the workers' social security post-retirement, boosting productivity and efficiency.
Goyal suggested that the industry should focus on manufacturing construction equipment in India, rather than relying on imports. He offered to become an ambassador for the industry to promote the manufacture of these products in India.
The minister expressed concern over pollution levels in big cities and urged realtors to adopt new forms of construction technologies that are environment-friendly. He suggested moving to steel structures and using precast equipment to reduce pollution and costs.
Goyal also appreciated the positive changes brought about by RERA, which has ensured that bankers get more confidence in financing the sector. He offered to help reduce the entire approval process, provided the sector is willing to commit to honesty and transparency.
The minister emphasized the need for the industry to take a pledge to work within bylaws and not take shortcuts. He reiterated Prime Minister Narendra Modi's vision of 'Na Khaunga, Na Khane Dunga' (neither will I take bribes nor will I let others take bribes).
On CREDAI's request for financing similar to other industries, Goyal said the government will engage with various associations and take it up with RBI and the finance ministry. He also suggested reducing import duties on construction equipment for a transition period of 3-4 years, with a clear roadmap for Indian companies to set up manufacturing facilities.
Goyal asked CREDAI to come out with a resolution on November 25, after extensive stakeholder discussions with its 14,000 members. He urged the industry to begin adopting new construction technologies in at least 8-10 big cities in India.
The Quality Council of India (QCI) Chairperson Jaxay Shah was asked to work with the Bureau of Indian Standards (BIS) to come up with new standards for the construction sector.
CREDAI (Confederation of Real Estate Developers Associations of India) is the apex body for private real estate developers in India. It has over 14,000 members across 23 states and 204 cities.
The real estate sector is one of the largest employers in India, with over 7 crore people employed in the sector. The sector has been facing several challenges, including financing issues and pollution concerns.
\n\nAbout Piyush Goyal Piyush Goyal is the Commerce and Industry Minister of India. He has been instrumental in promoting the 'Make in India' initiative and has been working to improve the ease of doing business in India.