Revamping Real Estate: Manohar Lal Calls for Systemic Changes

Union Housing and Urban Affairs Minister Manohar Lal has voiced strong concerns over the National Company Law Tribunal's (NCLT) shortcomings in addressing stalled real estate projects. Speaking at the NAREDCO annual convention, he emphasized the need to reform systems for safeguarding consumer and bank interests.

Minister Lal urged realtors to shun cash transactions to accelerate the real estate sector's growth, which currently contributes 8-10% to India's GDP. The minister stressed the importance of marketing projects transparently, eliminating misleading advertisements, and aligning circle rates with actual market values to deter cash dealings.

Addressing legislative and procedural roadblocks, Lal announced collaborative efforts with the Corporate Affairs ministry to present a systemic improvement proposal to the Prime Minister. Additionally, he encouraged inter-state adoption of best practices to expedite project approvals and shared India's impressive infrastructure advancements under the Modi administration.

(With inputs from agencies.)