The housing sector is going through its worst phase, due to the Covid-19 epidemic. As such, the country’s real estate developers will soon put up to 2.70 lakh ‘ready-to-move’ homes for sale online in order to prevent and reinvigorate the steady decline in house sales in the country. This housing festival will be the first and largest housing festival in the country so far and it will start soon.
NAREDCO started Housing Festival
The housing festival, launched by the National Real Estate Development Council (NAREDCO), is for sale in development and specially created e-commerce marketplace ‘NAREDCO Housing for All’ under the guidance of the Ministry of Housing and Urban Affairs and developers across India. Will present our projects and homes. In this, they will also tell about all the features of their homes. Affordable housing properties worth more than Rs 1.21 lakh crore will be made available for sale at this festival and international home buyers will be provided a great opportunity to purchase RERA registered properties at a reasonable price anywhere in India.
Affordable Rental Housing Policy ‘Knowledge Pack Launched
Mr. Hardeep Singh Puri (Minister of Housing and Urban Affairs, Government of India) announced the launch of the e-commerce portal and also launched the recently accepted ‘Affordable Rental Housing Policy’ Knowledge Pack for people in urban India. Under this policy, people in urban India will be given an opportunity to join the Affordable Rental Housing. The web-based event organized in this regard includes Niranjan Hiranandani, National President, NAREDCO and President, ASSOCHAM, Rajan Bandelkar, Convenor, NAREDCO Housing for All Portal and President-West, Rajeev Talwar, Chairman, NAREDCO, Praveen Jain, Vice Chairman, NAREDCO and other industry representatives.
70% of Projects have Slow Progress
Congratulating NAREDCO on launching a new and innovative e-commerce portal, Shri Hardeep Singh Puri, Minister, Ministry of Housing and Urban Affairs, said that ‘e-marketplace and affordable rental housing policy designed by NAREDCO for home buyers Put into practice would be a far-sighted move. This step will change this entire sector because many people will be able to find their dream home under these programs. An affordable rental housing policy is required for migrant workers who cannot afford to buy homes and young professionals working in cities will also get a chance to buy their own home. The government is working fast towards meeting the housing target for all, and demand estimates show that work is slowing in about 70% of the projects.
Quick Decision on 100% FDI
Responding to the demand for Housing for All Portal by NAREDCO about allowing 100% FDI in the affordable rental housing sector, Mr. Hardeep Singh Puri announced that the government would soon allow 100% FDI in affordable rental housing. He also said that along the lines of the Ministry of Civil Aviation, there will be a ‘Permanent Working Group’ to participate in any issues or matters related to the sector to make fast decisions in the real estate sector as well.
High expectations for mega online sales
The already troubled sector is raising high expectations regarding these mega online sales, which could increase demand and much-needed liquidity. Mr. Niranjan Hiranandani, national president of NAREDCO and ASSOCHAM, said that “the need for the hour is to increase demand in the real estate sector immediately and rapidly and unlock the potential for unsold housing inventory as an immediate solution. This e-commerce platform supports the government’s ‘Digital India’ initiative, which will not only ease the sales process; it also instills trust among concerned stakeholders like consumers, developers, banks and financial institutions. He further added that, with an industry outlook, the ARHC scheme will help unlock the potential, as well as use government land to create rental housing stock, which will help all those at the grassroots level for themselves wanting a home With this, the target of housing for all will also be achieved and it will become a reality for all sections of Indian time. ‘
Cheap Housing for the Poor to Reverse Migration
The Chairman of NAREDCO, Rajiv Talwar said that the ‘Covid-19 epidemic has resulted in a large scale reverse migration of workers and poor migrants into the country who come from rural areas or small towns to seek better employment opportunities in urban areas. In order to avoid this issue in the future and to address this issue, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has launched a new sub-plan for the development of Affordable Rental Housing Complexes (AHRC) for urban migrants / poor, Pradhan Mantri Awas Yojana-Urban (PMAY-U) is approved.
A Chance to Buy a Home at the Right Prices
Explaining the portal, Rajan Bandelkar, convener, Naredco Housing for All Portal, and President-West said: ‘This largest online marketplace will provide potential buyers with options to buy homes at the right prices. It will act as a reliable, secure, and seamless platform for homebuyers in India and abroad. This will also reduce the inventory turnover time of developers, which will significantly improve their cash flow. Mr. Bandelkar informed us that more than 250 projects have already gone live on the portal. He also appealed to the ministry to resolve the long-pending demands of 100% FDI in the affordable housing sector and restructuring of loans.
Portal will show RERA Registered Projects
The portal will display RERA registered projects and will be accompanied by third-party verification for all projects listed on the site. Homebuyers will be able to find the best prices, home loan offers, and books the property directly with the developers online. It will offer a safe and convenient property surfing and buying experience with assurance and guidance from NAREDCO. Like any other e-commerce goods buying platform, this portal will also provide features like cashback and price match guarantees. On the other hand, this will help developers with cost-saving initiatives such as sales and marketing, and most importantly, reduce capital liquidity pressures.