Piyush Goyal Urges Realtors to Ensure Guaranteed ESIC and PF Registration for 7 Crore Workers
Commerce and Industry Minister Piyush Goyal has urged CREDAI members to ensure 7 crore people employed in the real estate sector get a guaranteed ESIC and provident fund registration.
Piyush GoyalCredaiReal EstateEsicPf RegistrationConstruction EquipmentPollutionReraReal Estate NewsSep 24, 2024
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.
Frequently Asked Questions
What is the main issue that Piyush Goyal is addressing in the real estate sector?
The main issue that Piyush Goyal is addressing is the lack of guaranteed ESIC and provident fund registration for the 7 crore workers employed in the real estate sector.
What is the benefit of manufacturing construction equipment in India?
Manufacturing construction equipment in India will reduce the country's reliance on imports and create jobs, while also promoting the 'Make in India' initiative.
What is RERA and how has it impacted the real estate sector?
RERA (Real Estate Regulatory Authority) is a regulatory body that oversees the real estate sector. It has brought about transparency and ensured that bankers get more confidence in financing the sector.
What is the government's stance on reducing import duties on construction equipment?
The government is willing to reduce 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.
What is the pledge that Piyush Goyal is asking the real estate industry to take?
Piyush Goyal is asking the real estate industry to take a pledge to work within bylaws and not take shortcuts, in line with Prime Minister Narendra Modi's vision of 'Na Khaunga, Na Khane Dunga'.
Related News Articles
Lavasa: A Cautionary Tale of India's Elite Homeowners Turned Slumdog Millionaires
Lavasa, a hillside resort four hours from Mumbai, was meant to be India's answer to Portofino, but it has turned into a crumbling ghost town with $1 billion in liabilities and 5,000 lingering residents.
To Rent or To Buy: Understanding the Changing Dynamics of Indian Real Estate
Average rental values have surpassed capital values in Bengaluru, Pune, Kolkata, and Chennai, while NCR, MMR, and Hyderabad saw the opposite trend.
Macrotech Developers Sees Record Sales Bookings of Rs 4,290 Crore in Q2
Macrotech Developers, a leading real estate company, has reported a 21% increase in sales bookings to a record Rs 4,290 crore during the July-September period, driven by strong housing demand.
BNP Paribas Secures Prime Office Space in Mumbai's BKC at Record-Renting Rate
In a significant move, BNP Paribas has leased a prime office space in Mumbai's Business District, BKC, at a record rental rate of Rs 811 per square foot. This deal highlights the resilience of the Mumbai real estate market despite economic challenges.
Huma Qureshi and Saqib Qureshi Rent Luxury Villa in Juhu: A Glance at Bollywood's Elite Real Estate
Explore the luxurious lifestyle of Bollywood actors Huma Qureshi and her brother Saqib Qureshi, who have recently rented a premium villa in Juhu, one of Mumbai's most sought-after localities. Discover what makes Juhu a favorite among the stars.
Real Estate Sector Reels as Maharashtra Govt Increases Ready Reckoner Rate
India's real estate sector is facing a significant setback as the Maharashtra government recently raised the ready reckoner rate, leading to a sudden crash in real estate stocks. This move has caused widespread concern among developers, investors, and homebuyers.