NAREDCO Haryana hosted its maiden convention on real estate and infrastructure -‘Invest Haryana: Key investment opportunities’ with an objective to understand, identify and deliberate:
- the role that real estate and infrastructure sectors play in the economic growth and overall development of the State
- current state of affairs of various government policies and programmes for these two sectors and their impact
- Investment and growth opportunities across the State for domestic as well as international investors
- strategies to remain competitive in a dynamic business environment
- challenges which the real estate and infrastructure sectors are currently facing and Initiatives undertaken at both public and private level to overcome these challenges
Inaugural Session Takeaways
- Haryana’s unique ecosystem is expected to propel growth in the state.
- State government is committed towards ease of doing business
- There is a need to improve institutional capacity at state level
Housing For All by 2022
- The vision to provide Housing to all by 2022 will be achieved through DDJAY, NILP and PMAY
- Developers must deposit pending EDC/IDC dues to the government, so that it can create required infrastructure in the state
- There is a need to restrict development of unauthorized colonies
- Rental housing in the state must be incentivized
GMDA Legal & Regulatory Framework
- Appropriate infrastructure and utility services must be created
- Models for development of infrastructure needs to be overhauled
- There is a need to create local development authority, and empower it to expedite the development process
Real Estate (Regulation & Development) Act
- Regulatory reforms are expected to re-instill confidence in the home buyers and investors
- RERA must be complemented with ease of doing business
- Rules of RERA would overarch contradictory clauses of existing contracts/agreements
- Real estate act to drive efficiency higher
- Gestation period of a project is likely to increase
- Cost of funds is likely to reduce
PE funds and NBFCs
- PE Investors look for potential, intent and execution before investing in real estate in India
- Step-in rights of private equity (PE) funds must not get diluted
- Equity level investments by PE funds are expected to increase going forward
- Government must relook at institutional framework for lending to real estate sector
