n NextGen Real Estate Developers to decarbonize Construction and Housing with Modern means of Technologies and Finances: Ravi Reddy, President Naredco NextGen
Ravi Reddy, the newly-elected President of the NextGen platform launched by NAREDCO, emphasized that the platform aligns with Prime Minister Modi’s vision of AMRITKAL 2047 and aims to build a new India by disrupting real estate activities in Tier II and Tier III Townships.
According to him, the NextGen Real Estate developer would not be a replica of NAREDCO in its entirety, but it would work with an independent mindset in which young entrepreneurs of all hues would be stakeholders without inheriting real estate in their DNA, though the approach of the new initiative would be traditional to some extent.
The new generation of real estate developers aims to create a win-win situation for all stakeholders in New India, following the Prime Minister’s vision of ensuring quality housing for all, as a feasible way to transform the nation, said the newly-elected president.
Reddy suggests that as real estate assets become more expensive and tedious, overcoming this requires technology and fractional ownership participation. He proposes working in unison with talent under 50 and ensuring REITS participation in smaller forms to generate capital for future real estate activities and institutional finances.
Reddy added, “There are traditional methods to carry forward housing projects of the next generation real estate also, in which there would be a lot of global capital that needs to come into Indian real estate. As of now, we still haven’t tapped the big part of global capital. To tap into global capital, we need to address a few concerns. It could be in terms of sustainable development goals. It could be in terms of decarbonization. It could be in terms of overall transparency and trust establishment that needs to be done at the legal front, at the policy front, at the bureaucratic front, and all of that.”
The next generation of NAREDCO and real estate will focus on creating a global connection, allowing institutions to invest in projects in tier 2 or tier 3 cities while adhering to their ethos. Reddy, a member of the National Tourism Advisory Council, aims to encourage real estate developers to associate with tourism activities in India, accelerating inbound tourism and fostering eco-tourism. An exhaustive report was launched at the 16th NAREDCO Convention on Nextgen Real Estate developers, focusing on affordable housing to ensure housing remains a reality in the future.
