The Summit focused on the growth prospects and development of Tier II, III, and IV cities
The Confederation of Real Estate Developers’ Associations of India, (CREDAI), today organized its 4th Edition of the New India Summit (NIS) intending to foster development and strengthen the growth roadmap of real estate in non-metro cities, under its Micro Small and Medium Developers (MSME) wing, on April 29-30. The summit addressed the challenges faced by the realty developers in non-metros and discussed the solutions to enable fast-paced growth for the sector.
The event encompassed insightful discussions & fireside chats highlighting the issues connected with Tier 2, 3 & 4 cities, to come to conclusions and prepare a plan of action to address the challenges. Further, expert speakers from the industry, academicians, consultants, Government stakeholders shared much-needed insights on various topics covering Role of Innovative Technologies in Construction Industry and its impact on Cost; New Options in Financing and Investment in Tier 2,3 and 4 cities; Product to Market Strategy; Project Management Consulting and PROP Tech
Audimulapu Suresh, Hon’ble Minister for MAUD graced the occasion with his presence. He said “The real estate industry supports 250+ allied industries that are dependent on the Housing & Construction sector. Thus, affordable housing is the prime need of the nation. In the wake of escalating prices of raw materials, we appreciate the efforts by CREDAI, the apex real estate body, to host this highly significant New India Summit to discuss the prominent role of this segment in the community.”
M V V Satyanarayana, Hon’ble MP, Lok Sabha YSRCP, who also happens to be a real estate developer, stated, ‘’The current government with its focus on business revival and growth for the segment is undertaking reforms critical for reviving growth in the real estate sector. As the industry gears itself towards sustained growth, the significance of affordable housing segment has become an area of key importance”.
Speaking on the occasion, Harsh Vardhan Patodia, President, CREDAI National, said, “Skyrocketing prices of materials used for construction have affected the realty industry, especially in the affordable segment has led to a cumulative increase of over 15% percent in construction costs, scarcity of trained labor and other resources, and ever-changing statutory and regulatory requirements are all impacting the growth of the sector. G. Ram Reddy, Vice President, CREDAI National, said, “Tier II, Tier III cities are gaining good momentum in terms of demand and sales & there is abundance scope in further development. This will further benefit the sectors contribution to the GDP & employment. This segment has immense potential in the tier II and III cities as land prices are affordable and land is easily available. CREDAI understands and acknowledges the importance and significance of the role that realtors from smaller cities will play in the long-term growth of the industry and the economy as a whole.”
