New Delhi, February 13 The real estate body, Naredco, said on Friday that the government should promote the affordable housing segment and provide incentives for the development of rental accommodation to achieve "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 law, RERA.
"The Real Estate (Regulation and Development) Act has brought transparency and accountability to the Indian property market. Now there is a need to further strengthen the RERA law and ensure its effective implementation across all states," Jain said.
He emphasized the importance of "Housing for All" and said that there is a need to promote affordable housing and easy access to finance for both builders and homebuyers.
Jain said that the government should incentivize the development of rental housing.
He also advocated for a single-window clearance and timely approvals for real estate projects.
Jain noted that clear, stable, and transparent policies help attract investments.
Naredco Chairman Niranjan Hiranandani pointed out that the share of affordable housing in total sales volumes has declined.
"We need to create rental housing. We cannot rely solely on ownership," he said.
Hiranandani said 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.
He also spoke about promoting green real estate development.
Naredco has around 5,000 developers as its members.