In just six years, six crore homes will occupy urban spaces in India. Under the ‘Housing for All’ scheme, two crore homes are expected to be build in urban areas and four crore in rural areas.
For these plans to fructify, it is crucial to first understand the existing real estate scenario and prepare a road map for various legislative, regulatory, administrative and financial reforms. Rajeev Talwar, Chairman, NAREDCO, on the occasion of NAREDCO’s 13th National Conference, said, “As per few demographic trends, with more than 1 crore population getting added to urban areas every year, India’s urban population is expected to reach about 81 crore by 2050. Housing would play an important role in accelerating urban growth in India. Within urban housing, it is the affordable housing, which would be more in demand in future.”
At a time when the confidence of stakeholders, especially investors, has dented due to slow policy reforms and sluggish economy, planning on future strategies could give a fillip to the sector through regulatory and financial reforms. Further, what cannot be ignored and needs to be immediately addressed is the important relationship between banks and the realty sector; evolution of private equity and NBFCs role; and innovation in the sector, among others.