New Delhi, 28th June 2012: “Real Estate sector’s development is the development of the whole country”, said Dr Sudhir Krishna, Secretary, Ministry of Urban Development, Government of India while addressing the industry at 8th edition of Realty 2012, organized by Confederation of Indian Industry (CII) Northern Region, here today.
All basic amenities in the urban areas like Water, solid waste management, and transport system can be profit making, so Public Private Partnership (PPP) in the urban areas should be encouraged, he further suggested.
“Historically the unorganized and fragmented real estate sector in India is slowly evolving into an organised sector with strong focus on technology, efficiency, skills, a strong delivery mechanism, community development, infrastructure development and adoption of green practices” said Mr Anshuman Magazine, Chairman, Realty 2012 & CMD, CBRE South Asia Pvt. Ltd. “The companies who do not concentrate on these factors will find it difficult to sustain in the long run”, he added.
“Technology and efficiency would be the real game changer in this sector considering ever changing scenario”, said Mr J C Sharma, Vice Chairman & Managing Director, Sobha Developers Ltd.
“It is disheartening that real estate sector which is linked with 300 industries directly or indirectly, provides employment to 50 million people and contributes 17 % to India’s GDP is still to get the industry status for itself. Hence there is a dire need to change the perception about the Real Estate sector’s and enhance its credibility in the eyes of all stakeholders including consumers, government, Banks, RBI and the regulatory bodies. And this would happen if and only if we deliver what we promise”, said Mr Sachin Sandhir, Managing Director, South Asia, RICS.
“Inspite of the Regulations that exist in the sector, we have to dedicatedly take the sector to the next level. Some of the challenges like unavailability of land, acute shortage of labour, high cost of capital and unstable government policies and regulations need immediate attention” opined Mr Munesh Khanna, Senior Partner, Grant Thornton Advisory Private Limited.
Mr Chittaranjan Kumar Khetan, Joint Secretary, Ministry of Urban Development, Government of India highlighted the issues faced by the customers and shared the set of approvals and permissions that the Real Estate Developers have to pass through. He further shared that the Draft Real Estate (Regulation & Development) Bill 2011 would not only safeguard the interests of the consumers to a large extent but would also be a balanced in nature. The bill is almost ready and just needs to be put in the parliament for approval.
Mr Rohit Modi, Former Deputy Managing Director, Gammon India Limited said that “we need to see things from bigger perspective where in all stakeholders, viz urban local bodies, real estate companies, government, banks etc work in coordination for over all implementation of infrastructure development programmes and make all necessary facilities and amenities available to the consumers at best prices and also to safeguard their interests for enhancing the perception of the fast growing sector which has immense potential to grow with FDI in multi brand retail also to be allowed in coming future.
Posted: 29 Jun 2012 11:47 PM PDT
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Industry Status for Real Estate sector mooted at CII’s Realty 2012
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