In Affordable Rental Housing 100% FDI Soon: Mr Hardeep Singh Puri
By :
‘Minister’ launches NAREDCO HOUSING FOR ALL an E-commerce marketplace to sell houses online during COVID pandemic
MoHUA launches Affordable Rental Housing Policy
Knowledge Pack
·
India’s first housing e–commerce portal for home
buying
· National
platform with RERA registered properties developers from all over India
· Accurate
data & Transparency about the developer, location, images, etc.
· Right
pricing with right offers
· Safe and
secure buying experience
·
1% Cashback offer to the homebuyers
New Delhi :In a bid to resurrect from a continuous decline in the housing sales and revive the demand amid the worst hit Covid pandemic, the country’s real estate developers will soon offerover 2.70 lakh ‘ready – to – move – in’ houses for online sales to the homebuyers in a first and biggest ever housing festival, which will begin soon.
Initiated by National Real Estate Development Council (NAREDCO), in this festival, the developers from all over India will list their housing properties for sale on an exclusively created E-commerce marketplace ‘NAREDCO Housing For All’ developed in guidance with the Ministry of Housing and Urban Affairs. This festival is expected to unlock the affordable housing properties worth over Rs 1.21 lakh crore and offer a great opportunity to the national and international homebuyers to buy RERA registered properties at the right prices anywhere in India.
Shri Hardeep Singh Puri, Minister, Housing and
Urban Affairs, Government of India announced the launch of the e-commerce portal
and also unveiled the recently approved ‘Affordable
Rental Housing Policy’ knowledge pack to support a huge influx of people in
urban India find affordable rental housing. Shri Niranjan Hiranandani, National
President, NAREDCO and President, ASSOCHAM, Shri Rajan Bandelkar, Convenor,
NAREDCO Housing For All Portal and President – West, Shri Rajeev Talwar,
Chairman, NAREDCO, Shri Praveen Jain, Vice Chairman, NAREDCO and other industry
delegates were present at the Web-based event.
Congratulating NAREDCO on launching an innovative
e-commerce portal, Shri Hardeep Singh
Puri, Minister, Housing and Urban Affairs, said, “The visionary step of
creating an e-marketplace for the homebuyers designed by NAREDCO and
implementation of the affordable rental housing policy will change the dynamics
of the sector, as many people will be able to find their dream houses under
these programmes. The Affordable Rental Housing Policy is necessary for migrant
workers who cannot afford buying houses and also for younger professionals in
the cities. The Government has been speedily working towards meeting the
Housing For All targets and the demand assessment shows that about 70% of
projects have been grounded.”
Responding to a demand raised by NAREDCO for
Housing For All Portal about permitting a 100% FDI in affordable rental housing
sector, Mr Hardeep Singh Puri announced that the Government will soon allow
100% FDI in affordable rental housing. He also maintained that on the lines the
Civil Aviation Ministry, the real estate sector will too have a ‘Permanent
Working Group’ to attend any issues or matters pertaining to the sector for
faster decision making.
Shri
Durga Shanker Mishra, IAS, Secretary, Housing and Urban Affairs, appreciated
the initiative and expected positive sentiments to return in the realty sector
in the near future.
The already beleaguered sector is pinning high hopes on this mega online
sales for pushing the demand and much needed liquidity. Mr Niranjan Hiranandani, National President
of NAREDCO & ASSOCHAM said,
“The real estate sector needs an immediate demand shock and unlocking the
potential of unsold housing inventory is the immediate remedy. This e-commerce
platform is curated supporting the Government’s ‘Digital India’ initiative
which will not only disrupt sales process; but also instil confidence among the
respective stakeholders like consumers, developers, banks and financial
institutions.” He also further added that, from an industry perspective ARHC
scheme will help unlock the potential, as also utilise government lands to
create rental housing stock, which will help those at the bottom of the
pyramid, ensuring that "housing for all" becomes a reality for all
segments of Indian society”.
Mr. Rajeev Talwar, Chairman, NAREDCO said, “COVID-19 pandemic has resulted
in massive reverse migration of workers and poor migrants in the country who
come from rural areas or small towns for seeking better employment
opportunities in urban areas. To address this issue so that the same does not
happen in future, the Union Cabinet chaired by the Prime Minister, Shri.
Narendra Modi has given its approval for developing of Affordable Rental
Housing Complexes (AHRCs) for urban migrants/poor as a sub-scheme under Pradhan
MantriAwasYojana – Urban (PMAY – U).
Affordable Rental Housing Complexes will provide social security and
quality life to migrant labour, urban poor, and students etc. This will be done
through converting government funded houses in the cities into Affordable
Rental Housing Complexes (ARHC) under PPP mode through concessionaire. Affordable
Rental Housing Complexes will create new ecosystem in urban areas making
housing available at affordable rent close to the place of work. Investment
under ARHCs is expected to create new job opportunities. ARHCs will cut down
unnecessary travel, congestion and pollution.”
Mr. Praveen Jain, Vice Chairman,
NAREDCO said, “Migrant workers were in need of affordable and convenient rental
housing in urban areas especially in big cities like Delhi, Mumbai, Bengaluru
etc. in addition to social security. The government is attentive to the needs
to all the segments of economy and society.
Therefore, the finance minister announced a scheme for affordable rental
housing complexes for migrant workers and urban poor to provide ease of living
at affordable rent under the Pradhan Mantri Awas Yojana. This scheme will
extend help to a large part of workforce in manufacturing industries, service
providers in hospitality, health, domestic/commercial establishments, and
construction or other sectors, labourers, students etc. who come from rural
areas or small towns seeking better opportunities in cities.”
Explaining about the portal Mr Rajan
Bandelkar, Convenor, NAREDCO Housing For All Portal and President – West, said,
“This biggest online marketplace will offer the discerned buyers right home
buying options at the best prices. This will act as a trusted, secured and
seamless platform for home buyers in India and abroad. This will also bring
down the inventory turnover time of developers drastically improving their cash
flows.” Mr
Bandelkar informed that more than 250 projects have already been live on the
portal. He also appealed to the Ministry to resolve long – pending demands of
100% FDI in the affordable housing sector and one - time restructuring of
loans.
The portal will display RERA registered projects
and there will be third party document verification for all the projects listed
on the site. The homebuyers will be able to seek the best pricing, home loan
offers and book the properties online directly with the developers. It will
offer a safe and convenient property surfing and buying experience with
assurance and guidance from NAREDCO. Like any other e-commerce goods buying
platform, this portal will also offer facilities like cash back and price match
guarantee. On the other hand, this will help the developers in easing liquidity
pressures, both in terms of sales and marketing initiatives through cost
savings.
The launch of a ‘NAREDCO Housing For All’
e-marketplace has assumed significance owing to unprecedented disruption across
the country’s real estate sector with dampening sales and new project launches.
The lukewarm approach of homebuyers delaying their buying plans has further
added to the woes of the sector, which was already battling pre-pandemic
liquidity and NBFC crisis.
Though the Government introduced a slew of measures
in the recent past to inject liquidity into the sector in terms of extending
the CLSS benefits, extension of moratorium, etc.; the developers have been
asking for more prescriptions such as one - time restructuring of loans,
reintroduction of subvention schemes, 100% FDI in completed housing projects,
other sops that will benefit the industry.
