Commerce Minister Piyush Goyal has urged the real estate body CREDAI to help enhance 'greater formalisation' in the sector to boost growth, and discourage cash transactions.
Minister Piyush Goyal, speaking at the 25th Foundation Day event of Confederation of Real Estate Developers' Associations of India (CREDAI) in New Delhi, said realtors and industry associations should encourage digital payments only, and embrace bringing more employees into the EPFO fold.
"It’s time that we look at greater formalisation of real estate sector such as digital payments and enrolling employees under EPFO, as it will help the sector grow much faster," Goyal said.
"I appeal to CREDAI and the real estate sector, do not encourage cash payments and do not accept cash payment, and provide salaries as digital payments only," Minister Goyal added. He also said that greater formalisation will help the sector, which contributes tremendously to India's GDP, to grow much faster.
Recalling that when the government introduced RERA, there was 'quite a bit of opposition', Piyush Goyal said steps like RERA and GST registration have contributed to the organised growth of the real estate sector.
"In last 10 years, there has been a concentrated effort to clean up processes and to make it easier to do business, and encourage honest business persons to grow," Piyush Goyal added.
Holistic Development
Goyal said the industry should look at holistic development when planning a project, as vehicle parking in some urban centres is becoming a major issue. The realtors should also factor in the need for EV charging infrastructure and eco-friendly construction processes in the projects that they are undertaking.
An MP from North Mumbai, Piyush Goyal added that the results of state elections in Haryana and Maharashtra endorse the role of good governance.
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