Next 18-24 mths crucial for real estate sector:Anuj Puri

"Innovative concepts in terms of real estate development in the peripheral areas, alternative funding and power trading can be regarded as some of the factors necessary to ensure the sector's growth", expressed Mr Mayur Shah, Director Marathon Realty. Supporting his views was Mr Anuj Puri who stressed that over the next decade large economic activity would start in the Tier II & III cities and the market forces would push the real estate growth.

Representing the Mumbai Rail Vikas Corporation was its Managing Director Dr P C Sehgal, who highlighted the problems of increasing population migrating towards the periphery of the cities without adequate transport support. He called upon the industry to come together and support state railways in implementing their projects by part funding.

"Where the corporate sector has successfully entered health and education sectors, public private partnerships for building infrastructure should be given priority", emphasized Mr Pradeep Bhargava, Chairman CII Maharashtra State Council & Managing Director, Cummins Generator Technologies Ltd.

Panel discussion on growing trends of the real estate sector in Tier II & III cities saw industry players and participants exchanging ideas on the opportunities and risks associated with development of these cities. "Opportunities are abundant, what is required is an attitude change", proclaimed Mr Ashish Raheja, Managing Director, K Raheja Universal Pvt Ltd. 

The panelists agreed that key drivers to development of Tier II & III cities were industrialization, type of industry and education. "Affordability and pricing are important in Tier II & III cities", said Mr Rajeev Piramal, Executive Vice Chairman, Peninsula Land Ltd.

Talking about the role of political support and leadership in Tier II & III cities, Mr Sagar Sheth, Director Sheth Builders expressed that without the support of the political system, growth would certainly be very difficult. The forum agreed that smaller cities need more nurturing and with the right kind of policies and system vision 20-20 could be achieved.

Sourced From: Confederation of Indian Industry