The government should encourage affordable housing by introducing home loan interest rates subvention scheme at the earliest and should also provide concession on prices of construction materials such as cement and steel for affordable housing projects, said G Hari Babu, the newly elected president of National Real Estate Development Council (NAREDCO), an apex body of real estate developers.
He said that the NAREDCO, which is under the aegis of Ministry of Housing and Urban Affairs, will soon make a representation with the central government and put forth these demands. While Babu was elected the president, Niranjan Hiranandani has taken over as Chairman and Rajan Bandelkar as Vice Chairman of NAREDCO.
Also Read: NAREDCO Conference: Balancing affordable housing with crucial infrastructure boost in India
Babu said that affordable housing segment needs government interventions for it to be strengthened.
“The real estate sector will grow further if the affordable housing sector is strengthened. The government should focus on affordable housing and take measures to benefit the homebuyers. The government should provide incentives like interest subsidy on home loans, to customers looking to buy affordable homes. Home loan interest subvention should be implemented as soon as possible,” Babu said.
The NAREDCO president said that he would focus on increasing interactions with the government for the growth of the real estate sector, especially the affordable housing segment. He also said that the state governments should negotiate with steel and cement manufacturers to supply the two key raw materials at a concession for affordable housing projects.
Babu also said that he would also focus on the expansion of the NAREDCO in more cities and states by introducing city chapters.
Babu has previously served as president for four years at APREDA (Andhra Pradesh Real Estate Developers' Association).
"The real estate sector in India is poised for tremendous growth, and I am committed to ensuring that NAREDCO plays a central role in fostering this development. We will focus on sustainable and inclusive growth, while continuing to prioritize innovation, transparency, and excellence in all our endeavours," Babu added.
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