The newly elected NDA administration, led by Prime Minister Narendra Modi, is urging the Indian real estate sector to prioritize sustainability and affordable housing. At the NAREDCO Mahi convention on June 14, D Thara, Additional Secretary of the Ministry of Housing and Urban Affairs, emphasized the need for rainwater harvesting systems, solar energy solutions, and eco-friendly infrastructure in housing projects. NAREDCO President G Haribabu highlighted the low participation of women in real estate, while Chairman Niranjan Hiranandani discussed the government's plan to build 30 million housing units under PMAY, including a major INR 25,000 crore project for slum rehabilitation in Mumbai.
The newly elected National Democratic Alliance (NDA) administration led by Prime Minister Narendra Modi has issued a clear appeal to the Indian real estate sector to embrace sustainability and affordable housing programmes. This message was conveyed by D Thara, Additional Secretary of the Ministry of Housing and Urban Affairs, during the 3rd convention of NAREDCO Mahi, the women's wing of the National Real Estate Development Council (NAREDCO), held in New Delhi on June 14.
Thara asked the real estate industry to step up and address the difficulties of sustainability in housing projects by investing in rainwater collection systems and adding solar energy solutions. She stressed the importance of incorporating more walking spaces, parks, and paths powered by solar energy into home developments. Additionally, Thara stressed the importance of incorporating robust rain water harvesting and water resource management systems within project sites, reducing dependence on external water supplies.
The additional secretary underscored the necessity for the private sector to prioritise investment in rain water harvesting projects as a core infrastructure plan, particularly in the affordable housing segment. This aligns with the government's vision of promoting sustainable and eco-friendly practices in the construction sector.
During the event, NAREDCO President G Haribabu highlighted the need for greater participation of women entrepreneurs in the real estate industry. He pointed out that while women's participation in sectors like medical and nursing reaches nearly 40 percent, their involvement in the real estate sector stands at a mere 8-10 percent.
Niranjan Hiranandani, Chairman of NAREDCO, shed light on the government's ambitious housing agenda. In the first cabinet meeting of the new NDA government, three crore (30 million) housing units were approved for construction over the next five years under the Pradhan Mantri Awas Yojana (PMAY). Of these, two crore (20 million) houses will be built in rural areas, while the remaining one crore (10 million) units will be constructed in urban areas. Hiranandani also proposed a project worth INR 25,000 crore (approximately USD 3.3 billion) in and around Mumbai for the rehabilitation of slum dwellers.
He announced that NAREDCO would soon submit this proposal to the Ministry of Housing and Urban Affairs for approval, further demonstrating the industry's commitment to supporting the government's affordable housing initiatives. Overall, the real estate sector in India is being called upon to embrace sustainable practices, invest in rain water harvesting and solar energy solutions, and actively participate in the government's ambitious affordable housing agenda. The industry's response to these challenges will shape the future of housing development in the country.
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