Showing solidarity for the government’s mission of ‘Housing for All’, CREDAI has announced the launch of 250 affordable housing projects across India. The projects, to be executed by CREDAI members, will be under the purview of the various CREDAI state or city chapters according to guidelines laid down by CREDAI national chapter. Through this initiative, CREDAI aims to create a considerable inventory of affordable housing, so as to enable consumers and its member developers take benefit of various government incentives announced for the segment, as well as tackle the shortage of housing in the country.
The real estate sector is the second largest employer, contributing 9% to India’s GDP. It is one of the largest seasonal employment providers in India next only to agriculture, creating more than 45 million jobs either directly or indirectly. In the coming years, real estate and construction sector is set to become the prime employment generator in India, registering the maximum rise in human resource requirement from 2013-22, according to National Skill Development Corporation (NSDC). There would be an estimated need of around 76.5 million workers in the building, construction and real estate sector by 2022. Affordable housing alone is expected to require a 38 million workforce by 2030 from 29 million at present, predictably becoming the key job creator in the industry.
Realising the potential of the real estate industry, CREDAI is mobilising its member developers to join the ‘Housing for All’ mission and undertake affordable housing projects to achieve the government’s vision.
Speaking on the decision to take up affordable housing in an organised manner, CREDAI president-elect Jaxay Shah said, “It is truly a new era for the sector, as finally we will be able to realise our full potential. Going forward, our team will strive to work on our core pillars of affordability, accountability, employment and revenue to ensure that the contribution made by the sector towards the economy and ‘Housing for All’ will not only match, but exceed expectations.” He added that it is such a commitment that has driven the real estate body towards the endeavour of 250 affordable housing projects. “We have set out to establish a model and accelerate the affordable housing segment, especially in the post budget scenario where the demand for the same has been highlighted and incentivized.”
According to Shah, CREDAI understands the value of robust processes and new policy reforms such as awarding infrastructure status to affordable housing, RERA and GST, for unlocking the full potential of the sector as an industry as well as an investment option. Getamber Anand, current president of CREDAI, added, “The real estate sector has seen its share of ups and downs in the past two years. With RERA, GST and demonetisation, 2017 is marked as one of the most crucial years for the sector.”
Both these leaders assert that the industry is willing to take into account all stakeholders and consumer needs, to ensure that the sector and the economy are on the path of sustainable growth by pursing transparent, professional and financially viable businesses.