Real
estate developers should focus on addressing the housing demand of
lower income group and economically weaker section, a senior
government official said today. Addressing a real estate conference
here, Ministry of Housing & Urban Poverty Alleviation Joint
Secretary Karan Bir Singh Sidhu said that there is shortage of about
2 crore houses in the country, of which maximum exists for the
EWS/LIG section of society. "Organised real estate must address
the demand of LIG and EWS," he said at a conference organised by
the Indian Chamber of Commerce. He asked the developers to move on
from a low volume-high margin business to low margin-larger volume
business. Noting that supply is more in the middle income and luxury
segment, Sidhu said the private sector also has an important role to
play in providing homes to LIG/EWS section. Speaking on the occasion,
the apex realtors' body Credai Chairman Lalit Kumar Jain demanded
online approval of realty projects to create housing supply and bring
down prices. He also mentioned that the sentiments have improved in
the sector but ground realities have not changed. "It takes upto
2-3 years to take environmental and aviation clearance for developing
real estate projects," Jain said. Realty firm SARE Homes MD
Vineet Relia stressed on the need for ease of doing business and ease
of financing for the long-term growth of the real estate sector.
Industry is facing a huge slowdown in demand due to high interest
rate regime and costlier homes resulting into severe liquidity
crunch.
Monday, September 29, 2014
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