Despite facing occasional speed bumps, the Indian real estate sector continues to surge ahead. This was the sentiment expressed by real estate pioneers at the 22nd edition of Natcon. The event, which took place from September 23 to 26, 2024, was not limited to discussions about the changes occurring within the realty sector. The highlights of the event included discussions on future transformations in construction, driven by foresight, development, technology, and particularly future technologies like AI.
In addition to keynotes from industry giants, the event featured insights and advice for the real estate sector from central ministers, experts, along with experiences shared by renowned actress Vidya Balan. Natcon 2024 unfolded with grand agreements among organisations, showcasing the vibrancy of the real estate community.
The 22nd edition of Natcon was celebrated in Sydney, marking a special occasion for the real estate sector. In anticipation of their 25th year, CREDAI meticulously designed and organized this latest edition of Natcon to make it truly memorable.
The Natcon 2024 event welcomed delegates and guests from Australia, showcasing the country’s rich cultural traditions. Hosted at the International Convention Centre in Sydney, the event featured speeches from government officials, international delegates, developers, architects, leaders from the finance and banking sectors, investors, and technology experts, all offering valuable insights and guidance.
Over the course of three days, attendees experienced keynotes from prominent figures in the real estate sector, engaging panel discussions, innovative workshops, and exhibitions. This grand celebration highlighted the collaborative spirit and forward-thinking nature of the industry.
Real estate encompasses more than just building structures; it involves vision, development, and collaboration. This was clearly evident at the 22nd edition of Natcon. Discussions focused on the creative transformations expected in the construction sector and how to leverage these changes to provide enhanced services to customers.
On the first day of the conference, Natcon 2024 kicked off with a grand opening ceremony at the Exhibition Hall, setting the stage for an engaging and insightful event.
CREDAI President Boman Irani emphasised that the Natcon 2024 event will enhance understanding of the future of the Indian real estate industry in the global context. He noted that the pandemic has transformed global dynamics, leading us to adopt new thought processes and strategies. Irani highlighted that India has witnessed unprecedented changes in regulatory reforms aimed at embracing technology, which not only enhances our capabilities but also sets a benchmark of quality in the real estate sector.
The first session featured prominent economist Neelkanth Mishra, who shared his insights on international trends in the Indian macroeconomic landscape. The second session, titled “CREDAI Leaders School,” saw former CREDAI presidents and chairpersons discussing meaningful productivity strategies for transforming businesses. Rajendran Dandapani, President of Zoho Schools of Learning Corporation, addressed how the real estate sector will evolve in the future and how to embrace these changes.
Day one was packed with informative discussions, ranging from powerful keynote speeches to dynamic panel sessions, all focused on the future of real estate. More than 1,100 developers from various city chapters across India enthusiastically participated in the event, sharing their experiences and insights.
On the second day of Natcon 2024, Union Minister for Commerce and Industry Piyush Goyal attended as the chief guest, delivering a compelling speech on the theme “Empowering India – Viksit Bharat by 2047.” He emphasised that the country is taking significant strides toward development, positioning India as a focal point for global attention.
Goyal remarked that cities like New York and London are old cities, and expressed his aspiration for India to reach a level where it can collaborate on the redevelopment of these cities. He also mentioned plans to discuss funding needs for the construction sector with the Reserve Bank of India.
During his address, Goyal praised CREDAI’s remarkable journey over the past 25 years, noting its numerous successes and challenges. He commended the organisation for remaining strong throughout its history. Expressing his pleasure at participating in the event in Sydney, he stated that the real estate sector is essential to achieving the goal of a developed India by 2047, likening it to the backbone of the country’s growth.
Sharing his personal experience, he said that he purchased a house in 2010 but had to wait two years for full furnishings, and it took another five years before he could finally step into the home. However, he noted that everything changed after the introduction of RERA (Real Estate Regulatory Authority). He praised RERA for curbing fraud in the sector, stating that only committed and honest developers remained now.
Goyal also announced the construction of two major world-class exhibition centres in Delhi — Bharat Mandapam and Yashasvi Bhumi—spanning nearly 100,000 square meters and featuring luxury facilities.
Piyush Goyal addressed the challenges of loan availability faced by the real estate sector, assuring that he would bring these issues to the attention of the RBI. He mentioned plans to engage with state governments and municipalities to expedite project approvals. Highlighting the transparency introduced by the RERA Act, he noted the significant role real estate plays in addressing national construction needs, providing employment, and contributing to GDP tax revenues.
The minister emphasised that the industry employs nearly 70 million workers and suggested that providing facilities like ESI and EPF would enhance the credibility of the construction sector in India.
The real estate sector has expanded from smart cities to the provision of sustainable infrastructure, serving as a foundation for India’s growth and empowerment. Piyush Goyal highlighted that real estate plays a crucial role in providing employment and shaping the nation’s development. However, he pointed out that the construction industry still relies on outdated practices and urged the sector to adopt modern technologies.
He emphasised the need to leverage the available skills, talent, manpower, and technology effectively. Goyal encouraged real estate professionals to innovate and embrace technological advancements to enhance efficiency and progress in the construction field.
Piyush Goyal expressed concern over the persistence of outdated construction methods in many cities, including metro areas like Delhi, Mumbai, and Bengaluru, which has led to a significant increase in pollution and environmental damage. He urged the need to adopt practices similar to those in Europe, the USA, Singapore, Dubai, and Australia, particularly advocating for greater use of steel in construction.
This shift, he noted, would not only reduce costs but also save time in the construction process. Goyal recommended selecting key cities in the country for such initiatives, predicting excellent results. He assured that if developers come forward with proposals for high-quality equipment aimed at completing projects within three to four years, the government would be ready to cooperate and support the real estate sector by reducing duty rates.
During the “Reel to Real” session, Vidya Balan opened up about her ongoing challenges in the quest for a home. She highlighted the crucial role the real estate sector plays in making the dream of homeownership a reality. Yet, despite her efforts, the actress admitted that she has not yet achieved her aspiration for a personal home.
“We have looked at 25 houses, but none have suited my taste,” she shared, noting that she is currently residing in a rented apartment. At Natcon 2024, Vidya conveyed that finding a house that aligns with her preferences often feels like a matter of luck. Having grown up in a family home, she expressed her disappointment at still living in a rental even after marriage, as she continues to struggle to find a property that meets her needs and expectations.
Every edition of the event takes place in a different country, and this time it’s in Sydney, Australia. When discussing the real estate sector, how can we overlook the infrastructure of this vibrant city? As we confidently assert that the Indian real estate market is set to touch the $10 trillion mark by 2047, we must ask: can our construction sector truly embrace global standards?
Sydney, with its impressive tunnels, expansive roads, and towering skyscrapers, serves as a shining example of modernity. What lessons can we learn from this city? Does Australian architecture align with our native sensibilities? The insights gained here could shape the future of our own real estate practices and infrastructure development.
The demand for homes is only increasing day by day, say real estate developers, noting that completed new projects are selling out immediately, leaving no inventory. Manoj Gaur, National Chairman of CREDAI, emphasised that although it may seem like the real estate sector is slowing down due to fewer new launches, the reality is that demand has actually surged. He highlighted that residential projects developed by credible developers are in high demand, with customers willing to pay a bit more depending on the location.
Irfan Razack, Chairman and Managing Director of Prestige Group and former President of CREDAI, echoed this sentiment, stating that demand in the real estate sector is evergreen. He noted that properties that are well-located and priced appropriately sell quickly, leaving little to no inventory available.
At the same event, the CII Indian Green Building Council and CREDAI renewed their previous agreement. They have established an MoU to collaborate for another three years on green and net-zero buildings in India. As part of this agreement, both organizations will support their members in studying the feasibility of construction projects and will encourage real estate developers to adopt green technologies in their project developments.
According to the Colliers-CREDAI report, the Indian real estate market is projected to reach the $10 trillion mark by 2047. The report highlights that rapid urbanisation, infrastructure development, digitisation, population growth, stability, and diversification in investments are all contributing to the swift growth of the Indian real estate sector. A $10 trillion market would mean that the real estate sector could account for approximately 14 to 20 percent of India’s GDP.
Gummi Ram Reddy, Chairman and Managing Director of the ARC Group, praised Sydney’s impressive walking and cycling tracks. He noted that the city features under-tunnels, highways, residential buildings, and commercial complexes, all contributing to excellent traffic management and road construction. Reddy emphasised that Hyderabad has also seen significant construction growth and urged for corresponding infrastructure development. He expressed concern over increasing traffic issues in Hyderabad, suggesting that the city should look to Sydney as a model for future urban planning.
Ramachandra Reddy, Managing Director of RV Nirmaan Group, expressed that there is much to learn from Sydney. He noted that the city does not face traffic issues, thanks to its well-planned road infrastructure. He highlighted the excellence of Sydney’s public transportation, particularly its metro system, which includes provisions for an underground metro track. Reddy suggested that if the government takes steps to implement similar public transportation systems in cities like Hyderabad, the region could also develop into a city comparable to Sydney. He emphasised that this is a key lesson to be learned from Sydney’s urban planning.
Compared to India, Australia has a much larger land area with a smaller population. However, the country’s construction sector is planned with future needs in mind, which is why its facilities and amenities appear to be so impressive. In India, we have a larger population with limited land, making it challenging to meet all demands, no matter how many facilities we have. Nevertheless, if we adopt world-class ideas in construction moving forward, we can avoid many issues.
One thing is clear: compared to previous editions, the 22nd edition of Natcon in Sydney has been exceptionally innovative and informative, setting a new standard. Natcon 2024, held at the Sydney Convention Centre, is not just an event; it serves as a motivational boost for aggressively advancing the real estate sector. There’s no doubt about it.
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