Affordable housing on realty majors' agenda

Date : Dec 13, 2013

S K Garg, chairman of Eldeco, said realty was contributing 6.3% to India's GDP

Affordable and economically weaker sections (EWS) housing would be the central theme at the annual summit of the country’s leading real estate developers this week.

Confederation of Real Estate Developers’ Associations of India (CREDAI), which is hosting ‘CREDAI Conclave 2013’ at New Delhi on December 13-14, would brainstorm on the present and future challenges before the realty sector.

“We would discuss issues of affordable and EWS housing, which is imperative for meeting the dwelling needs of the masses,” CREDAI UP Real Estate Development Council (REDCO) president S K Garg told Business Standard here.

The domestic realty sector has prospects of stupendous growth in this decade due to the rapid pace of urbanisation, which had added 71 million people to urban population between 2001 and 2011.

At this rate, almost 534 million people (greater than the combined population of the United States, Russia, and France), would inhabit Indian cities by 2026.

“This year alone, the sector has given a major boost to affordable housing segment, where 85% of India’s housing shortage of 18.4 million units in 2012 was concentrated in the EWS and LIG sections,” Garg informed.

To bridge this yawning gap, affordable housing schemes have been promoted across the country with active participation of the private sector.

CREDAI has over 9,000 members in 137 city chapters across 20 states, including 700 in Uttar Pradesh.

Garg, who is the chairman of leading real estate development firm Eldeco, said realty was contributing 6.3% to India’s Gross Domestic Product (GDP).

“CREDAI is aiming to synergise its efforts so that that sector grows at double digit. The conclave will build a common platform for industry players, ministries and governmental organisations to engage in the vision for the realty sector,” he added.

CREDAI and Cushman & Wakefield would also seek to understand how the potential of the housing sector could be maximised for greater contribution towards economic growth. A white report will be unveiled on the contribution of real estate sector to the economy.http://www.business-standard.com/article/economy-policy/affordable-housing-on-realty-majors-agenda-113121100663_1.html