2 Trillion USD Needed To Meet Housing Shortfall Of 11 cr Houses: NAREDCO
New Delhi: An investment of 2 trillion USD till 2022 is needed to meet the housing shortfall of 11 crore housing units, the National Real Estate Development Council (NAREDCO) said today.
Keeping in view the huge financial requirement, it is important for the government to consider bringing in innovative funding mechanism to speed up the construction and deliveries, said Niranjan Hiranandani, National President, NAREDCO. He was speaking at the 15th annual edition of National Convention of NAREDCO.
The industry body also noted that new segments such as co-living, co-working, senior living, educational institutions, logistics & warehousing sector and special economic zones offer additional pportunities to developers in real estate. “However, to be an active player in these segments, it is imperative that the development firms are supported with ease in regulations and simplified rules governing these segments. We welcome the measures brought in by the government so far in this respect. For example, awarding the infrastructure status to logistics and warehousing sector, the recent announcement in the Union Budget concerning the promotion of rental housing sector promises new growth areas for developers,” said Rajeev Talwar, Chairman, NAREDCO.