This augurs well for the real estate sector as a whole and is likely to be a major factor in reviving the economy.

Jaypee greens greater Noida News:- NAREDCO has convened a two-day conclave involving all the stakeholders of the real estate industry—Union ministers, department secretaries, CMs, developers, officials of banks and financial institutions, etc—to discuss the strategy for implementing ‘Housing for all by 2022’. PRABHAKAR SINHA writesIn order to capitalize upon the opportunity offered by Prime Minister Narendra Modi's ambitious plan of “Housing for all by 2022“, real estate developers are convening a series of meetings with states and central ministers, decision makers, and government officials.This augurs well for the real estate sector as a whole and is likely to be a major factor in reviving the economy.The topics for discussion in the meeting include speedy clearances, standardization and simplification of procedures involving aviation, environment, administrative bottlenecks, land acquisition, non-agricultural conversion, affordable housing through public private participation (PPP), legal issues, urban planning, technologies and innovation for creating new cities, and issues related to SEZ and reforms.Union ministers, chief ministers, and officials will participate in a two-day national real estate convention here from September 12, 2014, focusing on a comprehensive road map to boost the sector.Supported by the ministries of Urban Development and Housing and Urban Poverty Alleviation, the event will be hosted by National Real Estate Development Council (NAREDCO). Several CMs and central ministers associated with the sector are also expected to participate in a conclave focusing on the states, while NAREDCO's chairman, Navin Raheja, and president, Sunil Mantri, will present the industry and homebuyers' perspective.Apart from key ministers handling portfolios directly connected with realty , the secretaries of important departments like housing, finance, and revenue, among others will discuss on shaping up the policies, Navin Raheja, also the CMD of Raheja Group, said.Several corporate leaders from the construction and urban infrastructure industries, urban planners, top developers, private equity firms, housing finance companies and banks will also join to share their thoughts.The ministry of Rural Development will discuss its program to build 30 million houses for the homeless by 2022, under the National Gramin Awaas Mission (Gram), at an estimated cost of Rs 3.45 lakh crore. This works out to Rs 50,000 crore a year spending by the government. Venkaiah Naidu, the urban development minister, will discuss with all the stakeholders the policy to ensure “Housing for all by 2022“at the convention. One estimate says India will have to develop more than 100 million houses by 2022 to achieve housing for all in the country.This will require an investment of more than $2 trillion at today's cost, or around $260 billion annually, more than double the current level of investment.The investment in housing sector must grow at a CAGR of 18-20% (factoring in 6-7% of inflation, annually) till 2022, to achieve the VI sion of “Housing for all by 2022“, NAREDCO said in its discussion paper. About $1.5 trillion additional investment would have to be made to support urban infrastructure and commercial real estate to achieve sustainable growth.Currently, the sector is registering investment of around $160 billion, of which about 80% is for residential development.Since 2007-08, the sector has attracted close to $1 trillion in funds, with households (personal savings and other borrowings) contributing about 72% of the fund. Institutional lending including home loans (by banks and housing finance companies) accounted for about 18%, followed by government, equity raising (PE and capital markets) and private sector (3% cent each).Investments have risen at a CAGR of 14%, between 2007-08 and 2013-14. Lately, the sector has started facing significant liquidity crisis owing to multiple factors like weakening of global and local economy and lessening of household support to the sector.The trouble for the sector started after the global financial crisis of 2008, which led to equity capital drying up. Further, large capital flow between 2006 and 2008 is up for redemption now, affecting liquidity in the sector. This has brought down the growth in investment in the sector to less than 2% in the last couple of years.Reeling under consistent increase in property prices and high interest rates, the investment from households has also weakened in the last couple of years.Some respite has been provided by lending institutions, but these sources have only filled the gap created by equity capital, and recently by households, and have not provided any significant growth capital.The major bottlenecks that the sector is facing on the financing side are weak financial markets, weak global and local economy, no institution supporting long-term funding, lack of real estate dedicated financial instruments (thereby restricting flow of capital to the real estate sector), no formal l e n d i n g sources for developers to acquire land, and structural issues like Rent Control Act deterring investment in rental housing sector.NAREDCO also expressed concern over the regulatory environment which delays the implementation of projects. It said only around eight years is available with the government to achieve its vision of “Housing for all by 2022”.Considering the fact that a real estate cycle (from conceptualization to handover stage) is around seven eight years, reforms in improving funding and clearances by regulatory authorities and government bodies are required now for any visible action over medium long term.QUICK BITESINDIA WILL HAVE TO BUILD MORE THAN 100 MILLION HOUSES BY 2022 TO ACHIEVE THE STATED GOAL OF PM NARENDRA MODIHOUSING FOR ALL BY 2022. for more info about residential and commercial properties visit jaypee greens greater noida projects. 

jaypee greens greater noida projects

 This News Powered By Times Of India.