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The National Real Estate Development Council (Naredco) has urged the government to promote affordable housing and incentivise rental accommodation to accelerate progress towards Housing for All and strengthen real estate growth. Addressing a real estate conference, Naredco President Parveen Jain called for further strengthening and uniform implementation of the Real Estate (Regulation and Development) Act (RERA) across states. He also stressed easier access to finance for developers and homebuyers, along with single-window clearances and faster project approvals. Naredco Chairman Niranjan Hiranandani highlighted the declining share of affordable housing in overall sales and underscored the need for policy incentives, including tax rationalisation, to promote both affordable and rental housing segments.
The National Real Estate Development Council (Naredco) has called on the government to intensify its focus on affordable housing and incentivise rental accommodation to support the Housing for All objective and sustain momentum in the real estate sector. Advertisement
Addressing a real estate conference organised by the association in New Delhi, Naredco President Parveen Jain emphasised the need to further strengthen the Real Estate (Regulation and Development) Act (RERA) and ensure its effective and uniform implementation across all states. He noted that RERA has significantly improved transparency and accountability in the Indian property market since its introduction, but stressed that stronger enforcement and consistency would enhance investor and buyer confidence.
Jain highlighted that achieving Housing for All requires sustained support for the affordable housing segment, which caters to a large section of first-time homebuyers. He pointed out that developers and homebuyers in this segment need easier access to financing options to ensure project viability and improved demand. Access to low-cost funding for developers and affordable home loans for buyers, he said, would help stimulate supply and absorption in the lower-income housing category.
In addition to ownership housing, Jain advocated for policy measures to promote rental housing. He said that incentivising rental accommodation would help address urban housing shortages, especially in cities witnessing migration and workforce mobility. Rental housing, he noted, is critical in providing flexibility for individuals who may not be ready or able to purchase homes.
The Naredco president also pitched for a single-window clearance system and time-bound approvals for real estate projects. He said delays in approvals often escalate project costs and affect delivery timelines, which in turn impacts both developers and buyers. Streamlined procedures and stable regulatory frameworks, he added, would attract greater domestic and foreign investment into the sector.
Naredco Chairman Niranjan Hiranandani observed that the share of affordable housing in overall sales volumes has declined in recent years, reflecting structural challenges in the segment. He stressed that relying solely on home ownership may not be sufficient to address India's housing needs and called for stronger support for rental housing models.
Hiranandani said that development of affordable and rental housing would become more viable if central and state governments offer policy incentives such as reductions in various taxes and charges. Rationalising levies and offering fiscal support, he argued, would help improve margins in the segment and encourage developers to undertake such projects.
He also underscored the importance of promoting green real estate development, noting that sustainability and energy efficiency are increasingly important for long-term urban growth.
Naredco, which has around 5,000 developers as members, reiterated that clear, stable and transparent policies are essential to attracting investments and ensuring steady expansion of India's real estate sector.
Source - PTI
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