Shah Urges Real Estate Developers to Integrate Green Spaces in New Projects

Union Home Minister Amit Shah addressed the Confederation of Real Estate Developers of India (CREDAI) conclave and called on all real estate developers to ensure the inclusion of green areas in their property designs. Shah highlighted that this initiative would not only enhance the living environment but also contribute to the nation's afforestation goals.

He stated that the integration of green spaces would not impact profitability but would provide a better environment for those acquiring the properties. Shah further noted that plantations would give a significant boost to afforestation efforts, aligning with the government's broader environmental objectives.

During his address, Shah pointed out that over the past eleven years, significant infrastructure developments have been made to benefit future generations. He mentioned key initiatives such as the National Infrastructure Pipeline, Sagar Mala, Bharat Mala, and Parvat Mala, which have bolstered urban development and infrastructure. These projects have laid the groundwork for India to become one of the top countries in terms of infrastructure by 2047, the centenary year of India's independence.

Shah praised CREDAI for its steadfast commitment to housing and habitat development since its inception in 1999. The organization has prioritized ethical practices and a code of conduct, ensuring reliability and credibility in the real estate sector. CREDAI, present in 230 cities across 21 states, represents nearly 13,000 developers and has proven its relevance and necessity over the past 25 years.

Shah emphasized that urbanization in India is expected to reach 40% by 2035 and 50% by 2047. With nearly half of the population residing in urban areas, the responsibility for providing adequate housing largely falls on developers. To achieve a saturation ratio in urban housing, Shah urged CREDAI to form a team to promote affordable, eco-friendly housing with a higher standard of living.

He also highlighted the significance of the Real Estate (Regulation and Development) Act (RERA), which has been a structural breakthrough in reforming the real estate sector. RERA has been adopted by 35 states and union territories and has played a crucial role in protecting homebuyers' interests, ensuring fair transactions, and guaranteeing quality construction.

Shah noted that the Goods and Services Tax (GST) reforms have significantly benefited the real estate sector. The GST on affordable housing has been reduced from 8% to 1%, and on housing projects from 12% to 5%. The GST on essential construction materials like cement, marble, granite, sand, lime, and bricks has also been lowered from 12% to 5%. Additionally, the GST on bamboo flooring has been reduced from 12% to 5%. These reforms have led to an overall reduction of 5 to 7% in construction costs, making housing more affordable and accessible.

In conclusion, Shah's address underscores the government's commitment to sustainable and inclusive urban development, emphasizing the crucial role of real estate developers in achieving these goals.