Government policies for affordable housing will be the key enabler for the reviving growth in real estate in national capital region, said Karan Bir Singh Sidhu, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, Government of India at the Inaugural session of the Conference on Real Estate organized by Confederation of Indian Industry (CII) & CREDAI NCR.

Housing for all by 2022 is also the key agenda of the new Government, added Sidhu. Despite the visible benefits, the housing sector is facing myriad challenges in terms of regulatory and policy challenges.

The spiralling of growth can be attributed to the significant construction opportunities offered by the housing sectors, largely accentuated by the intensifying demand for the residential spaces in the ever expanding cities such as tier II & tier III cities, Sidhu further added.

The real estate sector is the growth engine of the Indian Economy and also the economic contribution is projected to increase by double in 2025, said Zubin Irani, Chairman, CII Northern Region & President-Building & Industrial Systems, United Technologies Corporation India. Irani was of the view that Delhi NCR markets are currently undergoing a trough phase in the real estate market cycle which also helps in reviving the growth in terms of real estate. The housing and construction sector is also one of the largest employment generator sectors.

Jyoti Prakash Gadia, managing director, resurgent India said that the real estate has now got an industry status. While, 30% of the consumer saving goes to real estate, he further added. Gadia also opined that this is the right time to tap the investment opportunity in real estate. There are chances of appreciation in this sector, but now reforms to be initiated to reduce the land acquisition cost and also make affordable housing.

Delhi NCR represents around 55% of housing market, as highlighted by Rohit Raj Modi, President Elect, CREDAI NCR & Director, Ashiana Homes. All NCR states are attractive investments destinations for the real estate. To discard the shortage of housing sector, not only private sectors, but also lots of policies and efficient surface transport are required. Also development authorities need to work on transparency, better governance and supportive regulations, further added by Modi.

Delhi housing sector continue to witness huge redevelopment activity through revised Master Plan 2021, Balvinder Kumar Gupta, Vice Chairman, Delhi Development Authority (DDA) said addressing the Special Focus session on Delhi.

In order to cope with the burgeoning urbanization in the city, the new draft Master Plan 2021 seeks to create urban extension area on the periphery of Delhi, which shall see massive developmental projects. Some revised changes are -introduction of new chapter on environment, making provisions for multi modal transport, integration of various modes of transport, pedestrian guidelines to be notified, green building norms to be announced with additional 5% FAR, cycle sharing facilities with multi stand, land pooling scheme to be notified in 45 days.

For affordable housing, 50% additional FAR to be notified for redevelopment plan for group housing & various markets; provision of 15% FAR for group housing flats will be notified, Gupta added. He also highlighted that 292 slum areas to be redeveloped through Mumbai Plan.