Streamlining Real Estate: NAREDCO's Call for Action

NAREDCO has called on the government to optimize the approval process for real estate projects, aiming to enhance the supply of both housing and commercial spaces. This request comes in light of their annual National Convention announcement, set for late August in Delhi.

Concerns about the declining sales of affordable housing were raised by the organization's Chairman, Niranjan Hiranandani. He cited high land costs as a major barrier for private developers aiming to construct low-cost homes and advocated for government-industry collaborations to bridge the skilled labor gap in construction.

Further remarks were made by NAREDCO President G Hari Babu, urging streamlined project approvals to cut development time and costs. He emphasized slum redevelopment to free up land for projects and highlighted the sector's need to overcome policy hurdles for attracting global investment.

(With inputs from agencies.)