New Delhi: At the 15th National Convention of National Real Estate Development Council (NAREDCO), a host of senior policy makers, administrators and industry leaders held a brainstorming session on the transformation, technological advancements in the real estate sector and also about the challenges facing the industry.
The NAREDCO convention saw convergence of industry bigwigs, policy makers, experts from real estate and finance sector.
Guest of the honour was SK Narvar, CMD, Capital India while the chief guest was Om Birla, Lok Sabha Speaker.
The dignitaries discussed a host of issues including the disruptions in the real estate, its role in driving the economic growth & GDP and also its job creating potential.
“Has the Real estate reached an inflection point?” – was the main debating point on which the dignitaries shared their views. How this will help the government in reaching its ambitious target of ‘Housing of All by 2022’ was the moot point.
Many were of the view that since the real estate is heading for rapid strides. Getting some support from government’s pro-industry policies, the sector is bound to grow leaps and bounds.
Technological advancements emerging as a challenge, conventional sources of real estate capital coming under pressure was also discussed.
Commenting on the disruptions influencing the real estate sector, Chintan Patel, Partner and Leader, Building, Construction and Real Estate, KPMG in India said, “Disruptions are inevitable and they have arrived in Indian real estate and construction industry. Businesses willing to adopt and adapt to the new trends and technologies will be geared to succeed in capitalising the opportunities emerging from these disruptions.”
Dr. Niranjan Hiranandani, President, NAREDCO said, “”The economic disruptions has transformed the face of Indian real estate progressively leading towards rapid urbanization and age of technological advancement. As we know that the real estate sector is one of the key economic driver for rising GDP growth and multiplier job creation effect, it’s quick revival is imperative for the growth traction of India”
Mr. Rajeev Talwar Chairman NAREDCO said, “The real estate industry is facing unprecedented transformation. These pose challenges and create an opportunity for businesses to take advantage of and get a competitive edge. The sector is steadily switching to newer technologies that are improving market access, competency, quality, timely and assured deliverables and a better consumer experience.”
Parveen Jain, Vice Chairman NAREDCO said, “Emerging disruptions in the Indian real estate sector have led the industry to inflection point where paradigm shifts are emerging in the way real estate businesses operate currently and will shape up in the future. Being the second largest employment generating industry, to revive the real estate sector we need to take some rigid steps in the near future. And I believe that the government is taking steps toward newer technologies and advanced financing mechanism are coming to the forefront needing deeper exploration and adoption to accrue major gains for the real estate industry.”
The convention, spread over 2 days (August 19-20) will witness several brainstorming sessions with specific issues to be discussed and analysed by the eminent personalities.
