Real estate industry leaders gathered on a common platform and brainstormed over the current state of the sector entitled “Reality of Realty investments”, organised by the National Real Estate Development Council (NAREDCO) on a virtual platform.
The industry stakeholders attended the webinar with great enthusiasm and exuded optimism that the real estate sector will fully recover from the pandemic-induced slowdown due to all-round efforts made by all stakeholders. The participating panellists observed that the consumers are now venturing out to buy their preferred properties and the real estate sector is coming back on the growth track. The improving scenario has made the financial institutions also release long-term funding to the real estate companies and the most difficult phase of the industry is now over.
Speaking on the occasion, Dr Niranjan Hiranandani, National President, NAREDCO mentioned that there are many stalled and delayed projects and their recovery will require the participation of financial institutions to ramp up the quantum of funds. He added that the economic situation has improved and the authorities seem to have done well, directing their most efforts towards homebuyers; home loan interest rates are at a historic low, prices are stable and some states have also reduced stamp duty rates.
The webinar event also witnessed the panellists emphasising segments and sub-segments of real estate which have shown an early recovery with a high potential to grow in future. The developers associated with NAREDCO promised to continue their efforts to keep up the momentum. Rajan Bandelkar, Vice President (West), NAREDCO & Chairman, Raunak Group requested the financial institutions to pass on the benefits to developers as well so that they can build more houses at affordable rates.
Saloni Narayan, Deputy Managing Director, Retail Business, State Bank of India (SBI) said the growth of retail real estate is well-complimented by the growth of the corporate environment and the demand for office space. She said the bank is ready to join all the stakeholders including builders and customers for whatever is required. Renu Sud Karnad, Managing Director, HDFC Ltd opined tat the developers should continue giving their best to ensure that the rates don’t go unreasonably high.
Among the other panellists who spoke on the occasion included Sanjay Dutt, Managing Director & CEO, Tata Realty and Infrastructure Ltd, Rajiv Sabharwal, Managing Director & CEO, Tata Capital, Anuj Puri, Chairman, Anarock Property Consultants and Jyoti Prakash Gadia, Managing Director, Resurgent India Ltd.