NAREDCO

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Picture Courtesy: naredco.in

Context: NAREDCO, representing the Indian real estate industry, is actively organizing a major conference in Ayodhya to attract builders and investors, aiming to showcase the city's lucrative commercial and residential opportunities following the surge in tourism post the inauguration of the Ram temple.

Key Highlights

• The Indian real estate industry, represented by NAREDCO, is keen on exploring commercial and residential opportunities in Ayodhya. They plan to organize a major conference in the coming months to attract builders.
• NAREDCO has submitted requests to the finance ministry seeking:
  • MSME status for small builders: This would grant them access to benefits and resources available to small and medium enterprises.
  • Housing scheme for low-income earners: This would offer assistance to individuals earning up to Rs 40,000 per month in purchasing homes.
• NAREDCO's National Convention is scheduled for February 2-3 in New Delhi with the theme "The Changing Real Estate Landscape." It aims to bring together key stakeholders and discuss the dynamics and transformation of the Indian real estate sector.

NAREDCO

• NAREDCO, or the National Real Estate Development Council, is a prominent industry association in India for the real estate sector. Established in 1998 under the auspices of the Ministry of Housing and Urban Affairs, Government of India, it functions as a bridge between the government, the real estate industry, and the general public.

Objectives

• Promote the growth of the Indian real estate sector: It works to create a favourable environment for real estate development by advocating for policy changes, facilitating industry-government dialogue, and supporting research and development initiatives.
• Address the concerns of all stakeholders: It represents the interests of a wide range of stakeholders, including developers, builders, investors, homebuyers, and regulatory bodies. It provides a platform for them to voice their concerns and find solutions to the challenges faced by the sector.
• Disseminate information and knowledge: It organizes conferences, seminars, workshops, and publishes reports to share knowledge and best practices within the real estate industry.

Activities

• Policy advocacy: It lobbies the government on behalf of the real estate industry, seeking policy changes that will boost investment, create jobs, and make housing more affordable.
• Research and development: It researches various aspects of the real estate sector, such as market trends, consumer preferences, and regulatory issues. The findings of this research are used to inform policy advocacy and industry best practices.
• Dispute resolution: It provides a forum for resolving disputes between developers and homebuyers. This helps to protect the interests of both parties and promote a more transparent and fair real estate market.
• Skill development: It offers training programs for professionals in the real estate sector. This helps to improve the quality of construction and ensure that the industry has a skilled workforce.

Achievements

• It has played a key role in the development of several major real estate projects in India, including the Delhi Metro and the Smart Cities Mission.
• The organization has also been successful in lobbying the government for policy changes that have benefited the real estate sector, such as the introduction of the Real Estate Regulatory Authority (RERA).
• It is recognized as a leading voice for the Indian real estate industry both domestically and internationally.

Conclusion

• NAREDCO plays a vital role in promoting the growth and development of the Indian real estate sector. The organization's work benefits all stakeholders, from developers and investors to homebuyers and the general public.

PRACTICE QUESTION Q. How has the rapid pace of urbanization impacted infrastructure development in India, and what strategies are being employed to address the evolving needs of expanding cities in the country?