COVID-19 has underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market
Real Estate

COVID-19 has underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market

- Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA)

Real estate is the backbone of economic development. The COVID-19 pandemic has led us to embrace digitalisation and hold virtual events on a wider scale. Nevertheless, it should not dampen our spirit but strengthen our resolve to bounce back with renewed vigour. We should perceive if there is an opportunity to reassess, reinvent and re-innovate.

COVID-19 has also underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market. The interplay of policy regulations, emergence of new technologies and changing consumer preferences present exciting times for the Indian real-estate market.

- Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA) Real estate is the backbone of economic development. The COVID-19 pandemic has led us to embrace digitalisation and hold virtual events on a wider scale. Nevertheless, it should not dampen our spirit but strengthen our resolve to bounce back with renewed vigour. We should perceive if there is an opportunity to reassess, reinvent and re-innovate. COVID-19 has also underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market. The interplay of policy regulations, emergence of new technologies and changing consumer preferences present exciting times for the Indian real-estate market. Sustainability, efficiency, rationalisation of costs and improvement in performance should be our strategy for gearing up for the new normal. As a responsible organisation, RLDA is committed to achieve innovation and shape the discourse of real-estate development through the redevelopment of residential and commercial spaces, innovation of pre-existing properties, better land use and monetisation of vacant railway line parcels in India. This will play an instrumental role in boosting real-estate prospects and shaping new India in sync with the changing demands of time. This new India will exemplify a beautiful mix of modernity with upgradation while preserving its cultural heritage and architecture. At present, RLDA is redeveloping 62 stations across India. Additionally, IRSDC—a 50-50 JV of IRCON and RLDA—is also developing 61 railway stations. This redevelopment on PPP mode will be a self-sustainable model in line with the Government’s smart city projects. Most of these projects are in prominent metro cities and religious and tourist destinations. The redevelopment of these stations will offer state-of-the-art amenities to commuters. It will also boost tourism potential and enhance real estate as well as the investment prospects of surrounding regions. One of our flagship projects is the redevelopment of New Delhi railway station. The project will transform one of the busiest stations to a world-class transport hub. The station will include state-of-the-art amenities such as elevated concords, multilevel car parking, food courts, hotels and offices. Some residences will also be developed by the side of the station. Another project on our radar is the commercial development of the vacant railway land at Salt Golah near Howrah Station, which will be developed as a commercial hub. The land also has a riverfront that can be used for commercial carrier services. The real-estate ecosystem is our formidable partner in the journey of new India through our initiatives. Most of the projects will be developed with PPP, which has emerged as a scalable and viable solution worldwide to ensure private-sector participation. It brings the activities, innovation, strategic insights and professionalism of the private sector, while public participation ensures that public interest is not diluted in the development. As such, real-estate players and leading architects have a great responsibility in shaping India’s development story. They have done commendable work and their efforts must be recognised and valued. Events such as the CWAB Awards play a pivotal role in sensitising stakeholders on the role of real-estate players and leading architects in modern India and augmenting the government efforts in this direction. I extend my heartiest wishes to the winners and hope that their contribution will serve as a benchmark and inspire other players to follow their footsteps.

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